WCT sees downward revision in LRT3 contract value to RM819m

Source: theedgemarkets.com December 24, 2020 19:16 pm +08

KUALA LUMPUR (Dec 24): WCT Holdings Bhd said it has executed an articles of agreement with MRCB George Kent Sdn Bhd (MRCBGK), following the latter's appointment as a turnkey contractor for the Light Rail Transit 3 (LRT3) project, which entails a revision of the scope of works and a new contract price of RM819 million.

In a bourse filing, the group said the revision relates to packages GS02 and GS03, which were previously awarded to WCT in 2017 with contract sums of RM840 million and RM640 million respectively.

However, following the changes in design and scope of the LRT3 project, both WCT and MRCBGK agreed to a new revised contract price of RM819 million. The completion date for the LRT3 project has also been revised to Nov 30, 2023, said WCT.

WCT did not elaborate on the amendments to the work packages.

On Aug 29, 2017, the group received the letter of acceptance issued by Prasarana Malaysia Bhd for package GS03, which involves works for the LRT3 including the construction of a guideway from Suria Damansara to Temasya Glenmarie.

Two months later, it announced the award of package GS02, which entails the construction of a guideway from Merchant Square to Suria Damansara.

WCT rose 0.5 sen or 0.95% to 53 sen, giving a market capitalisation of RM751.6 million.

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