Gamuda Green Plan, a framework that consists of goals driven in environmental, social and governance dimensions. The goal is to reduce direct and indirect corporate greenhouse gas emissions intensity by 30% in 2025, and by 45% in 2030.
UM will also carry out content curation of the gallery at the Wetlands Arboretum at Gamuda Cove, which will act as a botanical garden that aims to promote awareness and conservation of plant species diversity.
The MOU entered with UM and UKM aims to improve water quality at Paya Indah Discovery Wetlands (PIDW), while the MOC with UniKL is to improve the efficiency of waste management across three core Gamuda Land townships
Gamuda Land signed a memorandum of understanding (MOU) with Universiti Malaya (UM) and Universiti Kebangsaan Malaysia (UKM), and a memorandum of collaboration (MOC) with Universiti Kuala Lumpur (UniKL)
Gamuda Bhd says its four Klang Valley highway concession holding companies have each separately accepted the respective takeover offer extended by Amanah Lebuhraya Rakyat Bhd and sent their written acceptances to ALR on Monday (April 18). The concession holding companies — Kesas Holdings Bhd (KESAS), Sistem Penyuraian Trafik KL Barat Holdings Sdn Bhd (SPRINT), Lingkaran Trans Kota Holdings Bhd (LITRAK) and Projek Smart Holdings Sdn Bhd (SMART) — are expected to start separate negotiations with ALR to finalise the terms and conditions of the respective definitive agreements for the disposals.
Selangor state play involved, with the possibility of the winning bidder tying up with Kumpulan Perangsang Selangor Bhd (KPS), a unit of the state-controlled entity, Kumpulan Darul Ehsan Bhd. KPS’s 51% subsidiary KPS-HCM Sdn Bhd is principally involved in general civil engineering and infrastructure works. Its services also include drainage, sewerage pipeline works and deployment of flood mitigation ponds.
IJM, UEM Builders Bhd as well as Japanese companies Shimizu Corp and Nishimatsu Construction Co Ltd were joint-venture partners in the project. Its major shareholder is the Employees Provident Fund (EPF), which holds a 16.9% stake in the company, followed by Kumpulan Wang Persaraan (Diperbadankan) (KWAP), with 9.3%. As with IJM Corp, MRCB’s major shareholder is EPF, which holds a 33.5% stake in the company.
MRCB also has tunnelling experience. It is the main contractor for the Light Rail Transit 3 (LRT3) project, which will involve 2.2km of tunnelling works from Persiaran Dato Menteri to Stadium Shah Alam. It also has an environment-related business that undertakes flood and erosion mitigation of rivers and coastal areas. Its balance sheet should not be a hindrance, given that net gearing was at a low of 29.8%, amounting to RM1.25 billion of net debt, as at end-December 2021. The group ended FY2021 with a net profit of RM15.83 million, swinging back from a net loss of RM177.37 million incurred in FY2020.
Another company that is known for its expertise in tunnelling — besides Gamuda and MMC Corp — is IJM Corp. The latter was involved in the Pahang Selangor Raw Water Transfer Tunnel project, which involved the construction of three tunnels measuring 44.6km. The construction was completed in May 2014. The tunnel starts at Karak, Pahang, and runs as deep as 1,200m underground below the Titiwangsa mountain range and hot springs.
Earlier in April, the company received a conditional offer from ALR for its highways — its 70%-owned Kesas Sdn Bhd (Kesas Expressway), 51.6%-owned Sistem Penyuraian Trafik KL Barat Sdn Bhd (Sprint Expressway), 43.2%-owned Lingkaran Trans Kota Sdn Bhd (Damansara-Puchong Expressway) and 50%-owned Syarikat Mengurus Air Banjir dan Terowong Sdn Bhd (SMART Tunnel).
The proceeds amounting to RM5.48 billion from the recent proposed divestment of all four of Gamuda’s highways to Amanat Lebuhraya Rakyat Bhd (ALR) will come in handy for the company. The divestment will result in an equity value of RM2.33 billion for Gamuda.
For this project, which it has dubbed the SMART2 Tunnel, Gamuda has proposed a 22km underground tunnel that includes tributaries, interceptor channels and a pumping system that pumps floodwaters into the sea. Its proposal also includes river improvement works that will increase the capacity of Sungai Klang by 10%.
Gamuda is familiar with flood mitigation projects, as it built the 10km Stormwater Management and Road Tunnel (SMART Tunnel) in Kuala Lumpur together with its partner MMC Corp Bhd in 2007 for about RM2 billion.
The eight proposals that were sent in directly to the Prime Minister’s Office include some big names in the construction industry such as Gamuda Bhd, IJM Corp Bhd and Malaysian Resources Corp Bhd (MRCB).
At this juncture it is unclear how the project will be funded. Nevertheless, the federal government did announce in March an additional RM15 billion for flood mitigation projects between 2023 and 2030.
EIGHT companies have put in separate proposals to the government for a flood mitigation project in flood-prone areas located in the west of the Klang Valley. The project cost under the various proposals is said to range between RM5 billion and RM15 billion.
Local projects such as MRT3, Penang South Reclamation, SMART 2 and Sg Rasau water plant coupled with regional tender wins may contribute to earnings ahead. Its property division is also aiming to double presales to RM6 billion/year between FY21-24. Ultimately, this will help to improve sustainable earnings by over RM500 million/year. The company is also looking to reinvest in environmentally friendly (green) recurring income businesses in the infrastructure space
The highway toll concessions comprise Gamuda’s 70%-owned Kesas Sdn Bhd (Kesas Expressway), 51.6%-owned Sistem Penyuraian Trafik KL Barat Sdn Bhd (SPRINT Expressway), 43.2%-owned Lingkaran Trans Kota Sdn Bhd (Damansara-Puchong Expressway or LDP) and 50%-owned Syarikat Mengurus Air Banjir dan Terowong Sdn Bhd (SMART Tunnel).
Gamuda on Monday April 4 received a conditional offer of RM5.48 billion from ALR — a private and not-for-profit company that is undertaking a restructuring of certain toll highway concessions on behalf of the government — to acquire all four highway concessions that it owns.
If Gamuda's divestment is successful, it will help the group to repay its existing net debt of RM1.7 billion and achieve a net cash position of RM600 million. Besides, the group may also work on financing future projects, such as the Penang South Island (PSI), Australian projects, Mass Rapid Transit 3 (MRT3) Circle Line, Stormwater Management and Road 2 Tunnel (SMART2 Tunnel), which could be financed through a private financing initiative.
Private company Amanat Lebuhraya Rakyat's (ALR) bid to take over four highway toll concessionaires in the Klang Valley is timely, given that infrastructure giant Gamuda Bhd likely needs funds to bid for some mega infrastructure projects.
The 2013 constitutional amendment legalized up to seven full-fledged casinos — rather than just electronic games, of the sort that populate Genting’s Resorts World Casino at Aqueduct in Queens and MGM Resorts’s Empire City Casino in Yonkers.
It is being run by Neal Kwatra, a political consultant that also does work for the union. The hotel union has continued to exert its sway in Albany: It has steered at least US$880,000 in campaign contributions to Democrats in Albany since 2020, according to campaign disclosure reports.
These are jobs that pay US$36 an hour, have free family healthcare and have a pension plan, the current union president, was quoted as saying. So they are in dire straits because many of them have been out of work for two years without any immediate prospect of comparable employment.
About 37,000 workers represented by the recently renamed Hotel and Gaming Trades Council, or 95% of its members, were laid off at the height of the pandemic, according to the union. Today, nearly 10,000 of its workers remain unemployed, the union said.
the influential union representing hotel workers has been coordinating with some casino operators, arguing that new casinos in and around New York City — and particularly at existing electronic games facilities in Yonkers and in Queens — would lead to the employment of thousands of hotel workers who lost their jobs when the pandemic undercut the tourism industry.
Senate Democrats have also embraced the idea, and proposed that operators pay a minimum of US$1 billion for each license, a potential boon for state coffers. But it remains unclear if the final budget, due April 1, will include a minimum licensing fee.
casino interests argue that New York is losing out on tax revenue from New Yorkers gambling in neighboring states by waiting until 2023 to allow casinos downstate, as an amendment to the State Constitution passed in 2013 dictates.
gambling companies are spending roughly US$300,000 a month on a lobbying blitz to push the state to fast-track the timetable for New York’s final three casino licenses, and to influence the decision on where the casinos will be located, and who gets to operate them.
many lawmakers and lobbyists in Albany believe that two of the licenses are likely to be awarded to Genting and MGM Resorts, which operate the two so-called racinos — horse racetracks that have been refashioned as casino-like properties, albeit without games like blackjack or roulette — in Yonkers and Queens, which already employ thousands of union members.
the NYT said that in the next several days, as part of state budget negotiations, Governor Kathy Hochul and legislative leaders may hash out a deal that could authorise three casino licenses for the New York City area.
Can you do a better job than the nightguards in the Night of the Museum movies keeping the exhibitions intact or besting the Andromeda Base's pilots' skills in flying spaceships? Wonder no more, as you can now put your curiosities as well as physical resilience to the test with 26 rides and attractions based on nine movies and adventure-inspired worlds at Genting Skyworlds Theme Park.
Genting SkyWorlds Theme Park occupies 26 acres, boasting 26 rides and attractions, and will be able to accommodate 20,000 visitors at 50% capacity due to the pandemic-imposed standard operating procedures.
Genting Malaysia direct beneficiary of tourism recovery play. The imminent opening of Genting SkyWorlds will create excitement among visitors, and can potentially lead to higher footfall to RWG. Valuation is inexpensive. Further upside could come from ER’s ongoing turnaround, especially when New York state mobile sportsbook’s GGR is showing promising growth week-on-week .
Despite the challenges posed by the Covid-19 Omicron variant globally, December 2021 gross gaming revenue (GGR) recorded from Resorts World New York City and Resorts World Catskills stood well – at 90-95% of pre-pandemic levels. On the launch of mobile sports betting platforms in New York by some operators since Jan 8, 2022, the state is on track to set a record for the highest monthly mobile sports betting money wagered among all states in the United States. Given the strong interest seen, Empire Resorts (ER) will benefit greatly once it launches its own platform.
Even though the crowd at SkyAvenue during our recent site visit (Jan 27) was visibly less, this could be due to it being a weekday. We believe RWG’s business will continue to recover strongly, especially once SkyWorlds opens as it should be a crowd puller and benefit other facilities within RWG through higher footfall.
there will be a 20% discount for ticket prices during the soft launch as there are some attractions undergoing the final commissioning process and are still unavailable to the public. The theme park will likely operate at 50% capacity (full capacity: 20,000 visitors at a time) initially due to the SOP in place. Assuming 10,000 visitors a day, we estimate the theme park alone could contribute an annual ebitda of RM210-290 million
The Genting SkyWorlds theme park, which will open its doors tomorrow, will accelerate Genting Malaysia Bhd’s business recovery as it should be a crowd puller, and provide a new income stream while also benefiting other facilities within Resorts World Genting
After purchasing the tickets, visitors are encouraged to download Genting Skyworlds Theme Park mobile app, a one-stop app that provides their ticket information, park maps and Photo+ galleries. The latter enables pictures captured by park operators to be downloaded straight into their phones.