This article first appeared in The Edge Financial Daily, on August 5, 2016.

KUALA LUMPUR: SRS Consortium Sdn Bhd, a 60:20:20 joint venture among Gamuda Bhd, Loh Phoy Yen Holdings Sdn Bhd and Ideal Property Development Sdn Bhd, has duly accepted an extension of a letter of award (LoA) by the Penang state government to Feb 28, 2017 for its appointment as the project delivery partner (PDP) for the implementation of the Penang Transport Master Plan (PTMP).

The consortium on Aug 14 last year received the LoA dated Aug 12, 2015 from the Penang government, appointing it as the PDP for the implementation of the PTMP which combines air, water, rail and road infrastructure to mitigate traffic congestion and improve Penang Island’s liveability. The first PTMP project was expected to be rolled out by 2017.

Gamuda had then announced that the scope, terms and conditions of the appointment were to be finalised between the Penang government and SRS Consortium, following which the PDP agreement will be executed within six months from the date of the LoA.

In a filing with Bursa Malaysia yesterday, Gamuda said all terms and conditions of the LoA remain unchanged, adding that it will make the appropriate announcement to Bursa as and when there is a material development in relation to the project.

Gamuda shares closed three sen or 0.62% higher at RM4.85 yesterday, with a market capitalisation of RM2.4 billion.