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Borneo Post
3 days ago
- Business
- Borneo Post
Selampit Bridge project set for completion by March 2026, says Mas Gading MP
Mordi says physical progress as of December 2024 stood at 1.37 per cent, consisting of preliminary site clearing work. — Photo via Facebook/Mordi Bimol KUCHING (May 30): The long-delayed Selampit Bridge project in Mas Gading is now scheduled for completion by March 3, 2026, said its MP Mordi Bimol. In a Facebook post, the Democratic Action Party (DAP) lawmaker said the contractor, Empayar Setia Sdn Bhd, took possession of the site on Sept 4, 2024, following the issuance of the Letter of Acceptance on Aug 21, 2024. The 18-month construction timeline is expected to culminate in the first quarter of 2026. 'Based on the latest updates, the project has officially begun and is targeted for completion by March 3, 2026,' Mordi said. According to Mordi, physical progress as of December 2024 stood at 1.37 per cent, consisting of preliminary site clearing work. The project, implemented under the Sarawak government's jurisdiction, is spearheaded by the Public Works Department (JKR) Sarawak. He called on JKR Sarawak and the state government to ensure timely execution and to provide transparent updates to the public. 'I urge the Sarawak government and JKR to give a clear and comprehensive explanation to the public on the current status of this project,' he said. 'Any delays or uncertainty not only frustrate the people but may also undermine public confidence in implementing agencies,' he said. The Selampit Bridge project was first approved in 2017 with an estimated cost of RM27.9 million. It was originally scheduled for completion by 2022, but faced repeated delays mainly due to the State Planning Authority (SPA) rejecting the proposed site four times between 2018 and 2021. Final site approval was granted on Sept 27, 2022, after which design works commenced on Oct 6, 2022, and were completed by Oct 2023. Tender documentation was finalised in February 2024. The project was approved under the second rolling plan of the 11th Malaysia Plan (11MP) in 2018, and design work commenced along with efforts to secure additional funding. In 2021, the federal government confirmed its commitment to continue the project under the 12th Malaysia Plan (12MP). In 2022 and 2023, the new site alignment was approved, allowing the project to move forward. Under Budget 2024, RM1.675 million was allocated for the bridge component. In 2024, the project was tendered out, awarded to a contractor, and officially began construction in September. However, a related challenge remains unresolved. Mordi said the new bridge site lacks a connecting access road. A 1.8km road, estimated at RM22 million, will be proposed under the first rolling plan of the 13th Malaysia Plan (13MP) in 2026. To avoid further delays, the bridge and the access road will be implemented separately. Mordi reiterated his commitment to ensuring the project is completed without further disruptions. 'I will continue to monitor, push, and raise the people's concerns at all levels to ensure this project is completed and delivers the long-awaited benefits to the residents,' he said. mas gading Mordi Bimol selampit bridge
New Straits Times
05-05-2025
- Business
- New Straits Times
West River throws spark into jittery market with modest debut
KUALA LUMPUR: Against the odds and in a market on edge, West River Bhd threw a lifeline to investor sentiment, making a modestly upbeat debut on Bursa Malaysia. The engineering firm, the twentieth to go public this year, opened half a sen higher at 39.5 sen, up 1.28 per cent from its initial public offering price (IPO) of 39 sen. This small but steady start came despite West River having the lowest IPO subscription rate so far this year — just 0.26 times, compared to earlier listings. However, it remains to be seen how the market debutant will fare throughout the trading day, as investor appetite continues to cool amid growing market caution. Listed on the ACE Market, West River was the most actively traded stock at the opening bell, with more than eight million shares changing hands. Since HI Mobility Bhd's IPO on March 28, oversubscription rates have slipped below the 10-times mark, with many new listings struggling to stay afloat on their first day of trade. West River specialises in mechanical-and-electrical engineering, air-conditioning and ventilation systems, and building solutions catering to various sectors, including commercial, industrial and infrastructure industries. At 39 sen a share, the IPO raised RM27.9 million, which will be channelled toward land acquisition and construction of a new factory, with the goal of tripling its production capacity. The listing offers investors 20 per cent stake in the company from a public issue of 71.54 million new shares and an offer for sale of 35.77 million existing shares.
The Star
22-04-2025
- Business
- The Star
ACE Market-bound West River's IPO oversubscribed by 0.26 times
KUALA LUMPUR: Mechanical and electrical (M&E) engineering services provider, West River Bhd's initial public offering (IPO) shares have been oversubscribed by 0.26 times, ahead of its listing on the ACE Market of Bursa Malaysia Securities Bhd on May 5, 2025. The IPO entails the issuance of 17.89 million new shares to the Malaysian public at 39 sen each, attracting 1,288 applications for 22.45 million shares worth RM8.75 million, the company said in a statement filed with Bursa Malaysia today. It said for the Bumiputera portion, a total of 548 applications for 5.04 million shares were received, while the public portion recorded a total of 740 applications for 17.40 million shares, which represents an oversubscription rate of 0.95 times. According to the company, the IPO also included 8.94 million shares available for eligible persons, and 44.71 million shares placed out to Bumiputera investors approved by the Ministry of Investment, Trade and Industry, all of which have been fully taken up. Additionally, 35.77 million existing shares by way of private placement to selected investors have also been fully taken up. M&A Securities Sdn Bhd is the principal adviser, sponsor, underwriter, and placement agent for the IPO. Previously, it was reported that West River aims to raise RM27.9 million from the listing for the acquisition of land and construction of a new manufacturing factory cum warehouse in the Klang Valley area, as well as business development, debt repayment and working capital. - Bernama
Malaysian Reserve
22-04-2025
- Business
- Malaysian Reserve
West River's IPO oversubscribed by 1.25 times ahead of ACE Market listing
MECHANICAL and electrical (M&E) solutions provider West River Bhd's initial public offering (IPO) shares were oversubscribed by 1.25 times ahead of its listing on Bursa Malaysia's ACE Market, scheduled for May 5. The company offered 17.89 million new shares to the Malaysian public at 39 sen per share, attracting 1,288 applications for 22.45 million shares worth RM8.76 million. The Bumiputera portion saw 548 applications for 5.04 million shares, while the public portion recorded an oversubscription rate of 0.95 times. The IPO also included 8.94 million shares for eligible persons and 44.71 million shares placed out to Bumiputera investors approved by the Ministry of Investment, Trade and Industry – both fully subscribed. An offer for sale of 35.77 million existing shares by selling shareholder Neutron Capital Sdn Bhd was also fully taken up. West River aims to raise RM27.9 million from the listing to fund land acquisition, the construction of a new factory to triple production capacity, as well as business development, debt repayment, and working capital. M&A Securities Sdn Bhd is acting as the principal adviser, sponsor, underwriter, and placement agent for the IPO. — TMR
