Latest news with #PenangLRT
Malay Mail
an hour ago
- Business
- Malay Mail
Piling works for RM10.5b Penang LRT to begin in July or August
GEORGE TOWN, June 10 — Physical works for the Penang Mutiara Light Rail Transit (LRT) project are expected to begin within the next one to two months, Transport Minister Anthony Loke Siew Fook said today. He said piling works for the RM10.5 billion project will start soon, marking a significant milestone for the state's long-awaited LRT line. 'Penang does not have to wait anymore, the project will be starting soon,' he told a press conference after inspecting the Rapid On-Demand (RoD) service here. Loke said all technical matters between the federal and state governments have been settled, including the notice to proceed and the letter of release from the state. 'I had a meeting with the Penang chief minister last month so all outstanding issues have been resolved,' he said. He added that the main contractor has also awarded tenders to subcontractors. Once piling begins, Loke said a traffic diversion plan must be in place to reduce disruptions during construction. Transport Minister Anthony Loke said on June 10, 2025 that physical works on the Penang LRT will start in a month or two. — Picture by Opalyn Mok 'We need to minimise impact to road users during construction of the project,' he said. He acknowledged that any major infrastructure project would affect traffic, but assured that mitigation measures would be taken. The 29.5km Penang LRT line will have 21 stations and connect the southern part of the island to the northeast, as well as provide a link to the mainland. On the RoD service, Loke said there are now 50 vans operating in 13 zones across the state – seven on the island and six on the mainland. He said 150 drivers have been appointed to work in two shifts and one additional shift. The most popular routes are in Tanjung Bungah and Gurney Drive, with an average of over 522 passengers daily. This is followed by George Town and the Sunway area in Seberang Jaya. 'We hope that with this service, it will encourage more people to take public transport as this provides the first mile, last mile connectivity,' he said. The fare for the Rapid On-Demand service is RM1 per route.
Free Malaysia Today
a day ago
- Business
- Free Malaysia Today
Econpile bags RM42.8mil piling contract for Penang LRT
Econpile Sdn Bhd will carry out bored piling and related construction works for the Penang LRT project. KUALA LUMPUR : Econpile Holdings Bhd's wholly-owned subsidiary Econpile Sdn Bhd has secured a RM42.82 million contract from Irama Duta Sdn Bhd to carry out bored piling and related construction works for the Penang LRT project. In a filing with Bursa, the company said the works are part of the Penang Mutiara Line's Package CMC1. 'The project is expected to contribute positively to the company's revenue and earnings from the financial year ending June 30, 2026, onwards,' it said. It added that the project is expected to commence on Aug 1, 2025 and be completed by Oct 31, 2027. 'There are no foreseeable significant risks other than operational risks associated with the project during the contract period. 'The management will put in place control measures and operational procedures to reduce the impact or likelihood of such events,' it added.
The Star
2 days ago
- Business
- The Star
Econpile set for new job wins on Penang LRT catalyst
File: Artist impression of Penang LRT Mutiara Line. PETALING JAYA: Econpile Holdings Bhd , which has secured its first contract for the Penang light rail transit (LRT) Mutiara Line, is poised to win more jobs as the RM10bil project gains momentum, analysts say. On June 5, Econpile announced it was awarded a RM42.8mil bored piling sub-package spanning three stations – from East Jelutong to Gelugor – out of the total 21 stations. The works are scheduled to begin on Aug 1, 2025 and end on Oct 31, 2027. CGS International (CGSI) Research said the win validated its view that the Penang LRT is progressing as planned, with full-scale construction expected to begin in the fourth quarter of 2025 (4Q25). 'For the broader construction sector, we think this win validates our thesis that the Penang LRT Mutiara Line is progressing as planned and construction works should be in full swing in 4Q25. 'This is likely to benefit Gamuda Bhd , as we expect it to be contracted for more work for the Penang LRT, amounting to an additional RM3bil on top of its initial contract value of RM5bil,' it said. Other potential beneficiaries include Malayan Cement Bhd , HSS Engineers Bhd , IJM Corp Bhd and Sunway Construction Group Bhd . CGSI Research said Econpile's year-to-date new order wins now total RM333mil, with an order book of RM487mil as at June 2025. The group is aiming for RM400mil to RM450mil in new jobs for its financial year ending Dec 31, 2025 (FY25), in line with last year's performance. 'We expect gross profit margins for the Penang LRT bored piling contract to be about 10%-15%, higher than the recent piling projects for property development it won over the past one year,' it said, adding that Econpile's performance should improve in 4Q25. CGSI Research maintained its 'add' rating and 46 sen target price, citing Econpile's strong presence in infrastructure projects and the largest fleet of bored piles in Malaysia. Meanwhile, CIMB Securities Research said the sub-package forms part of the larger package for which the Gamuda-led SRS Consortium Sdn Bhd – comprising Gamuda (60%), Ideal Property Development Sdn Bhd (20%) and Loh Phoy Yen Holdings Sdn Bhd (20%) – is the principal civil works contractor. Mass Rapid Transit Corp Sdn Bhd is the project developer and asset owner of the Mutiara Line. 'Having secured the first major piling contract under the Penang LRT Mutiara line, the group is well-placed to bid for a larger piling-related job that is coming up,' CIMB Research said. It kept its 'buy' rating and 38 sen target price, pegging the stock at 19 times 2026 core earnings per share of 1.9 sen.
