KUALA LUMPUR (April 22): Gadang Holdings Bhd clarified today that it has not submitted any official tender for the East Coast Rail Link (ECRL) project at this juncture.
In a filing with Bursa Malaysia today, 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 work with each other 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 Securities Bhd in a timely manner in accordance with the Main Market Listing Requirements of Bursa Securities, as and when necessary," it added.
The company was responding to an article in The Edge Financial Daily today, which said 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 in the billions.
Gadang shares jumped 23 sen or 32.2% today to close at 94.5 sen, giving it a market capitalisation of RM625.33 million, while DWL Resources surged 37 sen or 28.2% to settle at RM1.68, which valued it at RM333.73 million.
http://www.theedgemarkets.com/article/gadang-says-it-has-yet-submit-any-official-bid-ecrl-jobs
