KUALA LUMPUR (March 6): Ekovest Bhd (KL:EKOVEST) has signed a 54-year concession agreement with the government for the Laluan Istana-Kiara Expressway (Like) section of Phase 2A of the Duta-Ulu Kelang Expressway (Duke), granting the group rights to design, build, operate and maintain the highway.

The Like section carries an estimated construction cost of RM2.32 billion. Under the agreement, Ekovest will undertake the design and construction of the highway, including upgrading and widening works, while also supplying and installing tolling and telecommunication equipment.

The company will manage and operate the tolling system, collect and retain toll revenue, and oversee ancillary facilities throughout the concession period. It will further be responsible for maintaining the highway and its administrative offices, together with all incidental activities required under the concession.

Ekovest said the agreement is expected to contribute positively to future earnings and net tangible assets, with construction costs to be financed through internally generated funds, borrowings and/or other fundraising exercises.

The concession follows the government’s approval in May 2025 for the construction of two links — Laluan Istana Kiara and Kampung Baru Link to the main Duke highway. The Kampung Baru Link is currently being finalised, with a deadline set for Dec 31, 2026.

The approvals build on the January 2017 in-principle nod for the privatisation of the two links, as well as the Kapar Link. Together, the three links span about 75.2 kilometres and will connect to the main Duke Expressway across the Klang Valley, with a total project cost then estimated at RM6.32 billion.

Since its opening in October 2017, Duke 2 has seen steady traffic growth, with average annual daily traffic rising to 89,103 vehicles in the first half of FY2024 — 6.2% higher than in FY2023 and 47% above FY2019 levels.

By Friday’s midday break, shares in Ekovest were up 0.5 sen or 2.1% at 24 sen, valuing the group at RM711.7 million. Over the past one year, the stock has fallen 14.3%.