CEO Morning Brief

IJM Unit Secures RM1.1b Contract for JB-Singapore RTS Link Project

Publish date: Fri, 13 Oct 2023, 08:53 AM
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TheEdge CEO Morning Brief

KUALA LUMPUR (Oct 12): IJM Corp Bhd announced on Thursday that its wholly-owned subsidiary IJM Construction Sdn Bhd has accepted a RM1.1 billion contract from Malaysia Rapid Transit System Sdn Bhd (MRTS) for the construction of an immigration, customs and quarantine complex (ICQC) for the Johor Bahru–Singapore Rapid Transit System (RTS) Link in Bukit Chagar, Johor Bahru.

The construction group said IJM Construction has signed the letter of acceptance in respect of the proposed design, construction and completion of Packages 2A and 2B of the ICQC project, which is part of the Johor Bahru–Singapore RTS Link project. The award also includes a RM155 million provisional sum, according to IJM.

“Barring any unforeseen circumstances, the RTS Link project is expected to contribute to the future earnings of IJM Group,” it said.

The RTS Link project is expected to be completed by December 2026.

The four-kilometre RTS Link will cross the Straits of Johor, linking the Bukit Chagar Station in Johor Bharu to the RTS Link Woodlands North Station in Singapore.

The RTS Link project is expected to pull in 35% of the 350,000 people who travel across the Johor Causeway daily.

Shares in IJM closed six sen or 3.24% higher at RM1.91, giving it a market capitalisation of RM6.97 billion.

Since the beginning of the year, the stock has climbed 21.66%.

Source: TheEdge - 13 Oct 2023

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