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AZRB lands second MRT2 job worth RM288.5m to build three elevated stations

KUALA LUMPUR (Oct 16): Ahmad Zaki Resources Bhd (AZRB) has secured an additional work package contract worth RM288.5 million to construct three elevated stations and associated works for the upcoming second mass rapid transit (MRT 2) line: Serdang Raya (South), Seri Kembangan and Universiti Putra Malaysia.

Awarded by Mass Rapid Transit Corp Sdn Bhd, the construction of the three elevated stations will take 48 months to complete and contribute progressively to its income from the financial year ending Dec 31, 2017 (FY2017) to FY2021.

Following the latest MRT 2 job, AZRB said its year-to-date contract wins have increased to RM502.5 million, pushing the current unbilled orderbook to RM4 billion, which will provide visibility to its earnings in the next three to four years.

"We have successfully completed packages V6 and S6 of MRT Line 1, the Sungai Buloh-Kajang (SBK) Line, and are now undertaking package V202 of MRT Line 2 — SSP Line," AZRB group managing director Datuk Seri Wan Zakariah Wan Muda said in a media statement.

"This additional package awarded to us demonstrates our capability and excellent track record as a railway infrastructure builder. With more railway projects to be rolled out in the next few years, we are confident that our experience and skill sets will position us well in tendering for other major upcoming railway projects such as East Coast Rail Link, Kuala Lumpur-Singapore High Speed Rail and KVMRT phase 3," he added.

Last year, AZRB was awarded a RM1.44 billion job for the construction of the viaduct guideway and other works for a 4.5km stretch of the MRT 2 line from Persiaran Dagang to Jinjang.

Expected to commence full services by the second quarter of 2022, construction of the 52.2km MRT 2 line is expected to be between RM35 billion and RM40 billion. The MRT 2 line will stretch from Sungai Buloh to Putrajaya via Serdang and boast a total of 37 stations, of which 11 stations are underground.

AZRB shares closed one sen or 0.91% higher at RM1.11 today, valuing it at a market capitalisation of RM590.02 million. — theedgemarkets.com

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