Gadang says it has yet to submit any official bid for ECRL jobs

KUALA LUMPUR (April 23): Gadang Holdings Bhd clarified yesterday that it has not submitted any official tender for the East Coast Rail Link (ECRL) project.

In a filing with Bursa Malaysia yesterday, Gadang reiterated that its wholly-owned subsidiary Gadang Engineering (M) Sdn Bhd had on April 18 entered into a pre-bid consortium agreement with DWL Resources Bhd’s wholly-owned subsidiary Million Rich Development Sdn Bhd, to jointly to bid for infrastructure projects.

If successful, the consortium will jointly undertake a contract for such infrastructure works.

“The company will make the appropriate announcement to Bursa Malaysia in a timely manner in accordance with the Main Market Listing Requirements of the bourse, as and when necessary,” it added.

The company was responding to an article in The Edge Financial Daily on Sunday that the two consortium partners, Gadang and DWL Resources, have submitted a bid for jobs in the newly revived ECRL. The contract value was said to be worth billions.

Gadang shares jumped 23 sen or 32.17% to close at 94.5 sen yesterday, raising its market capitalisation to RM625.33 million, while DWL Resources surged 37 sen or 28.24% to settle at RM1.68, valuing it at RM333.73 million.

This article first appeared in The Edge Financial Daily, on April 23, 2019.

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