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Gamuda, MMC shares rise after decision to review MRT2 cancellation

MMC-Gamuda workers celebrating after the variable density tunnel boring machine broke through into the Pasar Rakyat station box in Kuala Lumpur in Nov 2015. Over 20,000 of such workers are at risk of losing their jobs if the company's MRT2 contract is terminated.

MMC-Gamuda workers celebrating after the variable density tunnel boring machine broke through into the Pasar Rakyat station box in Kuala Lumpur in Nov 2015. Over 20,000 of such workers are at risk of losing their jobs if the company's MRT2 contract is terminated.

Syndicated News
Written by Syndicated News

KUALA LUMPUR, Oct 11 2018 : Shares in Gamuda Bhd and MMC Corp Bhd rose in early trade today on potential further discussions and cooperation with the Finance Ministry to reach an agreeable cost reduction for the MRT 2 Underground Contract.

As at 10.45am, Gamuda jumped 16 sen to RM2.23 while MMC Corp gained three sen to RM1.15. 

In a statement yesterday, MMC Gamuda KVMRT (T) Sdn Bhd, a joint venture between Gamuda and MMC Corp, said it welcomes the decision by the Prime Minister, Tun Dr Mahathir Mohamad, to review the cancellation of the MRT 2 Underground Contract with MMC Gamuda.

The JV company said it would adopt an open-book approach with the appointment of an international engineering consulting firm that possesses the necessary experience and track record in assessing tunnelling works around the world. 

“Our request in return for the open-book approach is that our Intellectual Property rights and commercially sensitive information are duly respected as such by the said reviewing consultant and all reviewing parties, during the review process,” it added.  – Bernama

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