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Europlus bags RM7.07b highway job
Kumpulan Europlus Bhd has officially obtained the contract to build a RM7.07 billion highway linking Banting (Selangor) and Taiping (Perak).
Europlus said its 64.2 per cent-owned West Coast Expressway Sdn Bhd (WCE) obtained an approval letter yesterday from the Public Private Partnership Unit of the Prime Minister’s Department.
Releasing details of the project yesterday, Europlus said the West Coast Expressway will cover 316km. Of this, 224km will be tolled, while 92km will be toll-free. The project is based on build-operate-transfer with a concession period of 60 years, the company said in a statement to Bursa Malaysia yesterday. WCE has secured a government support loan (GSL) of RM2.24 billion to “enhance the viability of the project”. The soft loan will kick off in 2013 at an interest rate of 4.0 per cent per year and an interest subsidy of up to 3.0 per cent from commercial loans for a period of 22 years. The terms of the GSL and interest subsidy will be finalised by WCE with the Ministry of Finance, Europlus said. It noted that toll revenue in excess of an agreed traffic volume will be shared on the basis of 70:30 between the government and WCE until full settlement of the GSL and subsequently, 30:70 after the settlement of the GSL. The government will bear some RM980 million cost to acquire land along the highway construction. WCE, meanwhile, will call for open tenders for main construction works. Proper concession agreement will be signed between WCE and the Works Ministry upon clearance from the Attorney General. Related Post :
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