Gamuda expects to sign Penang Transport Master Plan PDP agreement in ‘next few weeks’, says MD

KUALA LUMPUR (Dec 5): Gamuda Bhd is likely to sign the Project Delivery Partner (PDP) agreement for Penang Transport Master Plan in the ‘next few weeks’, and the first package of Light Rail Transit (LRT) would be awarded by mid-2020, according to managing director Datuk Lin Yun Ling. 

“Once the PDP agreement is signed, the design works will start, from LRT to the first (man-made) island, or what we call Island A, and Pan Island Link, and reclamation work for South Island will all move. We expect by middle of 2020, the first package of LRT will be awarded,” he told reporters at a press conference, after the group’s annual general meeting today. 

“My guess (for the PDP agreement to be signed) is next few weeks,” he said.

As for the acquisition of four toll highways by Putrajaya from Gamuda, Lin said the group is still waiting for the decision from the government.

“They will have to make a decision about the PLUS highway sale. That will be decided first, because it will not be very consistent or they will not look consistent. Because on the one hand, they sell PLUS to [the] private sector and on the other hand, they buy the four highways from [the] private sector. So, I think they have to cross that bridge first,” he said.

Lin said if the divestment of the four highways materialise, the group would make a one-off special dividend to shareholders, but he declined to quantify the potential amount of the dividend. 

“Part of it (the proceeds) obviously will go to pay a one off or special dividend to shareholders and that’s all we can say. We don’t even have a deal signed with the government yet. We are not in the habit of counting our chicken before they hatch,” he said.

At noon break today, Gamuda gained 1.37% or 5 sen to RM3.70, for a market capitalisation of RM9.15 billion.

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