Saturday May 24, 2008

IJM-Norwest clinches RM490mil rail contract

PETALING JAYA: IJM Corp Bhd’s joint-venture company has secured a RM490.12mil contract for the construction of a portion of the Seremban-Gemas railway project.

The 100km electrified double-tracking railway project is estimated to cost RM3.45bil and take four years to complete.

The company told Bursa Malaysia yesterday that IJM-Norwest Joint Venture had received a letter of acceptance dated May 21 from India's Ircon International, which has secured the project.

The contract involves the construction, commissioning and maintenance of infrastructure works for the electrified double-track project. The construction period is 21 months.

IJM said the company was a 70:30 joint venture between its unit, IJM Construction Sdn Bhd, and Norwest Holdings Sdn Bhd.

Analysts expect IJM to be able to secure RM2bil in new projects this year. The company has already clinched three overseas contracts worth a total of RM1.24bil.

The latest contract would lift IJM's outstanding order book to nearly RM6bil.

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