KUALA LUMPUR (Nov 6): TRC Synergy Bhd (KL:TRC) on Friday confirmed that it holds a 30% stake in the joint venture (JV) that was awarded a RM2.69 billion contract to build the Penang LRT Mutiara Line's cross-sea extension linking Penang Island to the mainland.
The confirmation comes a day after MRT Corp announced the award of the contract to a consortium comprising China Communications Construction Company Ltd, TRC Synergy's wholly owned subsidiary TRC Construction Sdn Bhd and Ufuk Semarak Sdn Bhd.
The works are expected to take five years, although the group did not specify the commencement and completion dates, according to its bourse filing.
The package, known as Civil Main Contract 2, covers the design and construction of a 5.5km extension from Macallum on Penang Island to Penang Sentral in Seberang Perai, including a 3.05km bridge across the sea.
The extension will provide a direct rail connection between the island and mainland, allowing passengers to interchange with KTM train services, ferries and buses at Penang Sentral.
MRT Corp said on Thursday that the journey between Komtar and Penang Sentral is expected to take about eight minutes. The construction of the LRT Mutiara Line has reached 16% completion, it added.
TRC Synergy said the contract is not subject to shareholders' or regulatory approval and is expected to contribute positively to its revenue and earnings over the five-year period, based on its 30% participation interest in the JV.
The group, which is principally involved in construction and property development, was founded by Tan Sri Sufri Mohd Zin, who remains its managing director. He previously served as president of the Master Builders Association Malaysia from 2020 to 2022.
TRC Synergy is chaired by former Royal Malaysian Navy chief Tan Sri Dr Ahmad Kamarulzaman Ahmad Badaruddin, while Tun Jeanne Abdullah, wife of the late former prime minister Tun Abdullah Ahmad Badawi, sits on its board as an independent non-executive director.
TRC Synergy shares closed unchanged at 38.5 sen, valuing the company at RM185 million. The counter has risen 10% over the past year.