KUALA LUMPUR (Dec 5): Geohan Corp Bhd (KL:GEOHAN), a recent listing on Bursa Malaysia's Main Market, has secured two contracts from SRS LRT Sdn Bhd for the Penang Light Rail Transit (LRT) Mutiara Line project with a combined value of RM59 million.
In a statement on Friday, the contracts for the Gamuda Bhd (KL:GAMUDA)-led transportation project cover sub-packages BP01 and BP02, valued at RM31.2 million and RM27.8 million, respectively.
Under the contracts, Geohan will be responsible for bored piling construction and related works along the line from Pesta to SPICE LRT station, and Gelugor to Pesta.
“We remain confident in our ability to execute these newly awarded projects successfully, delivering optimal outcomes for our clients,” said managing director Lee Kim Seng in a statement.
BP01 is slated to be completed on March 31, 2027, and BP02 on April 30, 2027, said Geohan, adding that the contracts will provide earnings visibility over the next two years.
Penang-based SRS LRT is principally engaged in the construction of roads and railways.
The Mutiara Line project just entered the construction phase this year after it was first introduced by the Penang state government a decade ago as part of the state’s Penang Transport Master Plan.
At Friday’s noon break, shares of Geohan were down four sen or 7.27% at 51 sen, valuing the group at RM224.4 million.