Gamuda, MMC shares continue to weaken after scathing letter from Pua

PETALING JAYA: Gamuda Bhd and MMC Corp Bhd shares continued their losing streak today, after Finance Minister Lim Guan Eng's political secretary Tony Pua wrote a scathing letter admonishing the MMC-Gamuda Joint Venture for implying that the decision to terminate its Mass Rapid Transit 2 (MRT2) underground works contract was hasty and ill-conceived, along with a campaign "to paint yourself as an innocent victim of an unjust Harapan government".
Gamuda hit a 52-week low of RM2.03 before closing at 13.03% down at RM2.07 with some 153.21 million shares traded, while MMC Corp fell to a low of RM1.11 before closing 3.45% or four sen weaker to RM1.12. Gamuda was the most actively traded stock of the day.
In a statement issued this evening, MMC-Gamuda called for calm among stakeholders, especially staff, subcontractors and suppliers, pending a review of the cancellation by Prime Minister Tun Dr Mahathir Mohamad.
While expressing hope that the government would invite them back to the negotiating table as part of the review process, MMC-Gamuda said: "We shall adopt an open book approach with the appointment of an international engineering consulting firm that possesses the necessary experience and track record in assessing tunnelling works around the world and, as such, be in the best position to re-examine where savings can be derived.
"Our request in return for the open-book approach is that our Intellectual Property rights and commercially sensitive information are duly respected as such, by the said reviewing consultant and all reviewing parties, during the review process," MMC-Gamuda added in its statement.