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EITA Resources LRT3 contract value cut 65% to RM67.45m

KUALA LUMPUR: EITA Resources Bhd’s contract to supply lifts and escalators for the light rail transit Line 3 (LRT3) project has been revised, with the contract sum cut by a whopping 65.42% to RM67.45 million, from RM195.07 million previously.

In a filing with Bursa Malaysia, the group said it has received a new letter of appointment and notices of termination from MRCB George Kent Sdn Bhd, the LRT3 project delivery partner.

EITA Resources said it would be supplying, through its unit EITA Elevator (Malaysia) Sdn Bhd, 130 units of escalator and 66 units of lift for the project.

Under the original contract in February 2018, EITA Resources was awarded an RM80.6 million contract by Prasarana Malaysia Bhd to supply escalators for the LRT3 project.

Subsequently, the firm was awarded three contracts with a combined value of RM126.19 million for the same purpose.

The revised contract sum comes after the government decided to slash the total cost of the LRT3 project by 47% to RM16.6 billion, from the initial project cost of RM31.65 billion.

LRT3 runs from Bandar Utama in Petaling Jaya to Johan Setia in Klang.

EITA Resources’ shares were last traded at RM1.50 on Monday.

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