PETALING JAYA: Gamuda Bhd is not expected to see any delay in the implementation of the double-tracking project despite the new state administrations. In fact, works are ahead of schedule. The senior management of Gamuda had a luncheon for analysts on Wednesday and affirmed to the investor community that it was operationally “business as usual.” Aseambankers, in a report, noted that the Ipoh-Rawang-Padang Besar double track was still anticipated to see 15% gross margin as sufficient cost buffers had been built in. In a report, AmResearch said the project, a joint venture between Gamuda and MMC Corp Bhd, had allocated up to 24%, or RM3bil, to bumiputra subcontractors, a third of which had already been awarded. On another note, Aseambankers said Gamuda would take some time to finalise the sale of Syarikat Pengeluar Air Selangor Sdn Bhd to Kumpulan Darul Ehsan Bhd even though it had been indicated that the parties had agreed on the pricing, which was also approved by the Federal Government before the general election. Read more
(The Star 22-3-2008)
