Cahya Mata Sarawak partners China’s CCCC to bid for infra projects

KUALA LUMPUR (March 5): Cahya Mata Sarawak Bhd’s unit, PPES Works (Sarawak) Sdn Bhd (PPESW), is partnering with China Communications Construction Co Ltd (CCCC) to bid for jobs under the Sarawak Coastal Road Network project and the Second Trunk Road project in the state.

In a filing to Bursa Malaysia yesterday, Cahya Mata said its 51%-owned PPESW has incorporated a joint venture company (JVC) with CCCC — PPES Works CCCC JV Sdn Bhd — to bid for jobs under these projects.

The JVC is 70% held by PPESW and 30% by CCCC’s Malaysian unit, China Comunications Construction Co (M) Sdn Bhd.

The incorporation of PPESW-CCCC JVC will not have any effect on the earnings per share, net assets per share, share capital, gearing and substantial shareholders’ shareholdings of Cahya Mata Sarawak for the financial year ending Dec 31, 2019.

Cahya Mata Sarawak closed unchanged at RM3.15 yesterday for a market value of RM3.38 billion. Some 3.53 million shares were traded.

This article first appeared in The Edge Financial Daily, on March 5, 2019.

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