Friday, July 23, 2010

KWAP substantial shareholder in Gamuda

KUALA LUMPUR: Infrastructure company GAMUDA BHD [], which has attracted investors' interest in recent weeks over the proposed massive Klang Valley Mass Rapid Transit (MRT), saw Kumpulan Wang Persaraan (KWAP) emerging as a substantial shareholder with a 5.16% stake.

A filing with Bursa Malaysia showed KWAP had bought the stake, representing 104.279 million shares from the open market.

Gamuda is expected to be the frontrunner in the massive MRT worth RM36 billion. The MRT project forms part of the Federal Government's overall plan to upgrade Klang Valley public transportation system worth RM50 billion.

AmResearch said a joint venture between Gamuda and MMC Corp Bhd had submitted an unsolicited proposal for this massive project. The JV had indicated its interest in the tunnelling portion of the project worth an estimated RM13 billion or 30% of overall project value.

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