Tuesday, December 6, 2011

Ekovest-MRCB JV appointed as PDP for River of Life project

KUALA LUMPUR (Dec 6): Ekovest - MRCB JV Sdn Bhd (EMJV) has been appointed the Project Delivery Partner (PDP) by the government to assist in the implementation and delivery of the River of Life (ROL) project.

EMJV is a joint venture between EKOVEST BHD [] ''and MALAYSIAN RESOURCES CORP []oration Bhd, where Ekovest will subscribe to 60% of the issued and paid up capital of the Company, while MRCB will subscribe to the remaining 40%.

The ROL project is an Entry Point Project identified in the Greater Kuala Lumpur National Key Economic Area under the Government's Economic Transformation Program.

It aims to transform the rivers running through the heart of Kuala Lumpur by undertaking river rehabilitation, beautification of riverbank and river corridor development.

The ROL project entails the rehabilitation of Sungai Kelang and Sungai Gombak, and the beautification works of an initial 10.7km stretch.

EMJV's PDP service will be for a period of three years with a projected contract value of RM2.2 billion.

In a statement Tuesday, EMJV said it would earn a maximum fee of RM22 million or 1% of the total projected works to be delivered over a three year period.

It will also enjoy monetary incentives with respect to the work done, it said, adding that the contract was expected to contribute positively to its future earnings.

EMJV director KC Lim said with the combined strength and expertise of both JV partners, it was confident of successfully implementing the project as the PDP, as well as fulfilling the KPIs to enjoy the performance incentives offered by the government.

As the PDP, EMJV will undertake a monitoring and coordinating role on horizontal inter agency cooperation towards the successful implementation and delivery of the intents, purposes and objectives under the ROL Project.




No comments:

Post a Comment