Gamuda, MRCB shares up on joint bid for HSR job

PETALING JAYA: Shares of Gamuda Bhd and Malaysian Resources Corp Bhd (MRCB) rose this morning after the two companies announced that they would jointly bid for the Kuala Lumpur to Singapore High Speed Rail (HSR) project.
At 11.03am, Gamuda’s share price rose 7 sen or 1.51% to RM4.69 with a total of 993,900 shares traded while MRCB’s share price rose 5 sen or 4.95% to RM1.06 with a total of 9374,400 shares traded.
Gamuda’s share price closed 8 sen lower at RM4.82 while MRCB was up 1 sen to close at RM1.01 yesterday.
Gamuda and MRCB have entered into an agreement to set up an unincorporated consortium on a 50:50 basis to participate in the tender to be the project delivery partner (PDP) for the HSR.
Upon successful award as the PDP, the two companies will enter into the relevant definitive agreement(s) to formalise the joint venture and to set out the rights and obligations of each party in the said joint venture.