Ekovest bags RM79m job to develop DBKL’s Blue River project

KUALA LUMPUR (April 18): Ekovest Bhd has bagged a RM79 million contract from the Kuala Lumpur City Hall (DBKL) to develop the Blue River Project, which is located in the vicinity of the River of Life Precinct 7 — Masjid Jamek Kuala Lumpur Zone here.

The project is for 18 weeks, with completion before Aug 30.

In a filing with Bursa Malaysia yesterday, Ekovest said its wholly-owned subsidiary EkoRiver Construction Sdn Bhd has received the letter of award from DBKL to appoint EkoRiver Construction as the contractor for the project.

“The [contract] amount is inclusive of a five-year operations and maintenance period for the project,” it added.

Ekovest said the project is expected to contribute positively to the group’s future revenue and earnings.

“The project is subject to construction risks in which Ekovest Group is already exposed to. Nonetheless, the construction risks will be managed and mitigated with the experience and expertise of [the] Ekovest Group to complete construction projects,” it added.

Shares in Ekovest closed down one sen or 0.75% at RM1.32 yesterday with a market capitalisation of RM2.82 billion.

This article first appeared in The Edge Financial Daily, on April 18, 2017.

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