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AmerCable Incorporated

MEEF - Middle East Engineering Projects News & Releases - previous page

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Gamuda Bhd Eyes New Projects In West Asia

SHAH ALAM, Jan 16 (Bernama) -- Gamuda Bhd has submitted its bid for up to RM4 billion worth of new projects in the Middle East, group managing director, Datuk Lin Yun Ling said.

"Currently, the group has secured RM3 billion worth of projects in West Asia namely the Dukhan Highway and new Doha International Airport projects in Qatar which are now in high gear," he told reporters after the company's annual general meeting here today.

Other existing projects include the RM640 million Sitra Cosway Bridges in Bahrain.

Lin said the group was expecting a slightly better net profit growth in the financial year ending July 31, 2007 compared with the net profit of RM169 million registered in 2006.

He said the Dukhan Highway project was expected to be completed by the third quarter of this year, while the new Doha Airport by end of the year.

"Over the last two years, we have invested over RM500 million in machinery and plant in the West Asia and through such investment, we are in a very strong position to get new projects globally particularly in West Asia," he said.

Lin said its overall project order book has been replenished to RM5 billion.

On another note, Lin said funding for its US$700 million Nam Theun 1 (NT1) hydropower project in Laos was expected to be finalised this year.

He said Gamuda has signed a tariff agreement with Thailand's Electricity Generating Authority (EGAT) on the future purchase of hydro-electric power to be generated by the project.

Lin said preliminary construction work has already started and the project was expected to be completed by 2012.

Gamuda NT1 project has a generation capacity of 523 megawatts, and will be built on the Nam Kading, a tributary of the Mekong in the central Laos province of Bolikhamsay.

The company had in 2004 signed two agreements with the Laotian government to develop NT1 project on a build-operatee-transfer basis.



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