Posted by JN88 > 2018-10-08 18:29 | Report Abuse

WAKAKKAKAKAKA the boss play you all......they can suspend for afternoon section.....but not!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Posted by JN88 > 2018-10-08 18:30 | Report Abuse

Gamuda Berhad (Company No. 29579-T) (“Gamuda” or “Company”) would like to refer to the abovementioned Press Statement by the MoF and wishes to clarify that MMC Gamuda KVMRT (T) Sdn Bhd (Company No. 934628-H), a 50% joint venture company between Gamuda and MMC Corporation Berhad (Company No. 30245-H) (“MMC Gamuda”) has not receive any official notification pertaining to the termination of the MRT2 underground contract by the Mass Rapid Transit Corporation Sdn Bhd (being the project owner of MRT2 project) and/or the Government of Malaysia.

We attach herewith MMC Gamuda’s press release dated 8 October 2018 on the above.

Gamuda will make the necessary announcement once there is a material development in relation to the above matter.

This announcement is dated 8 October 2018.

Posted by JN88 > 2018-10-08 18:31 | Report Abuse

This is why JN 88 sifu observing this counter......

Very funny reaction from the boss.

Posted by JN88 > 2018-10-08 18:33 | Report Abuse

You all go to read the announcement ....wakaka I laughing until ....dunno what to say...

Posted by JN88 > 2018-10-08 18:34 | Report Abuse

All cheated by LGE

Posted by pang72 > 2018-10-08 18:35 | Report Abuse

Next election vote Ajib

Posted by pang72 > 2018-10-08 18:35 | Report Abuse

This roti planta government work like kinder garden

Posted by pang72 > 2018-10-08 18:36 | Report Abuse

Yes, I agreed play by LGE

Posted by amet2017 > 2018-10-08 18:38 | Report Abuse

LGE sudah pakat maa..pelabur yang kena game

Posted by JN88 > 2018-10-08 18:39 | Report Abuse

MEDIA purposely interpret wrong INFO!!!!!!!!!!!!!!!!!!! 2 billion in 8 hours !!!!!!!!this is how big boss earn money...

Posted by Icon8888 > 2018-10-08 18:42 | Report Abuse

What ? No cancellation ? That means tomorrow gap up ?

Huat ah !!!!

Posted by JN88 > 2018-10-08 18:43 | Report Abuse

Icon8888: refer to the annoucement.....very detail.....the statement seem like not prepared in one day...

Posted by Victor Yong > 2018-10-08 18:44 | Report Abuse

:)

KUALA LUMPUR (Oct 8): The FBM KLCI declined 1.4 points or 0.08% after China's share drop hit world markets. Bursa Malaysia's construction index fell 19.53 points or 10.06%.

At 5pm, the KLCI settled at 1,775.75 points after falling to its intraday low at 1,769.72 points. In China, the Shanghai Stock Exchange Composite closed 3.72% lower while Hong Kong's Hang Seng was down 1.39%.

Elsewhere across Asia, South Korea's Kospi declined 0.6% while Japan markets were closed today for the Health-Sports Day holiday.

Reuters reported that shares in Asia slumped Monday as China's markets stumbled in their first trading day after a one-week holiday even though Beijing's central bank increased liquidity to offset the impact of an escalating trade dispute with the United States. It was reported that The People's Bank of China (PBOC) on Sunday cut the level of cash that banks must hold as reserves, aimed at lowering financing costs as policymakers worry about fallout from the tariff row with the United States.

It was reported that reserve requirement ratios (RRRs) — currently 15.5 percent for large commercial lenders and 13.5 percent for smaller banks — will be cut by 100 basis points effective Oct 15, the PBOC said, matching a similar-sized move in April. Asian shares were also hit on Monday as investors in Chinese stocks reacted for the first time to new pressure from Washington and a report that Chinese spies had compromised US hardware, according to Reuters' report.

In Malaysia, CIMB Research analyst Nick Foo Mun Pang told theedgemarkets.com : “While it may be positive news that the PBOC cut the level of cash that banks must hold as reserves, but being the fourth time this year, investors may think that China is foreseeing a very negative outlook and hence the need for the central bank to cut rate and spur growth.”

“(On the KLCI) From a technical point of view, the KLCI has broken out of a head-and-shoulders pattern last Friday, which is very negative, hence we have a downside target of 1,730 points. The index is expected to stage a technical rebound, but the rebound is going to be short lived," Foo said.

Today, Bursa Malaysia's construction index was the largest decliner, in percentage terms, among the bourse's indices. At 5pm, the construction index closed at 174.59 points, weighed down by news reports the Federal government will retender all the unfinished underground work of the Mass Rapid Transit Line 2 (MRT2) project.

It was reported that this follows the Cabinet's decision to terminate the underground work contract of the MRT2 with MMC Gamuda KVMRT Sdn Bhd, a joint venture between Gamuda Bhd and MMC Corp Bhd.

Across Bursa Malaysia, Gamuda Bhd lost 78 sen to settle at RM2.43 to become the exchange's largest decliner. Gamuda was also the most-actively traded stock with some 93 million shares changing hands.

Posted by JN88 > 2018-10-08 18:44 | Report Abuse

Some one use the media to spread news...to make million and billion...

Posted by stockraider > 2018-10-08 18:44 | Report Abuse

Aiyoh media is so kind to give u advance info....thus don simply argue loh....!!

If info is fake or false....sure MMC the partner of Gamuda will definitely, deny in their press release statement mah.....!!

But they say wait until the " the official confirmation loh"!!

Posted by JN88 > 2018-10-08 18:46 | Report Abuse

stockraider: Gamuda had descript in detail what to do according to gov....gov said 23% reduction they do 24%....enough kind to gov...

Posted by 8u29song > 2018-10-08 18:47 | Report Abuse

but why the counters no rebound.....

Posted by 8u29song > 2018-10-08 18:48 | Report Abuse

see tomorrow morning lagi down......

Posted by JN88 > 2018-10-08 18:50 | Report Abuse

They made the annoucement after 6pm

Posted by stockraider > 2018-10-08 18:55 | Report Abuse

Why PH govt not happy with gamuda & mmc ???

Yes they offer discount on the above ground work as per remarks below;

Posted by JN88 > Oct 8, 2018 06:46 PM | Report Abuse

stockraider: Gamuda had descript in detail what to do according to gov....gov said 23% reduction they do 24%....enough kind to gov...

THIS IS BCOS ABOVE GROUND WORKS ALOT OF PEOPLE CAN DO MAH....!!

BUT MMC & GAMUDA REFUSE TO OFFER ANY DISCOUNT ON TUNNELING WORKS LOH..!!

THIS IS A VERY FATAL STRATEGIC MISTAKE LOH;

AS THIS HAS CAUSE THE PH GOVT, OPEN IT UP TO INTERNATIONAL TENDER CREATING FUTURE COMPETITOR FOR MMC & GAMUDA MAH....!!

Posted by Victor Yong > 2018-10-08 19:00 | Report Abuse

:)

MEDIA STATEMENT
8 October 2018, Petaling Jaya
Reference is made to the Ministry of Finance’s (“MOF”) Media Statement dated 7 October 2018 in
relation to the MRT 2 Project (“Project”).
Save and except for the aforesaid MOF Media Statement, MMC Gamuda has so far not received any
communication nor notification from MRT Corp, the counter party to the award of the Project. Thus,
there has been no official confirmation from MRT Corp that MMC Gamuda has been terminated as
underground contractor.
Supportive of Government’s drive to improve fiscal health
In spite of the agreed contract price, in view of the present austerity measures pursued by the new
administration and in support, in particular of the new Government’s review of its financial
commitment on major infrastructure projects, MMC Gamuda has been engaged in discussions and
negotiations with MOF over the past 2 months to review the scope of works and specifications of the
Project with the aim of reaching a compromise on a cost reduction.
Following therefrom and at the request of MOF, MMC Gamuda has agreed to convert the Project
Delivery Partner (PDP) model to a single Turnkey Contract for the elevated works with a price
reduction of 23%. In respect of the underground works MMC Gamuda has so far offered a 24%
reduction for the balance of the underground works. Through its Media Statement, MOF has informed
that it has accepted the offer in respect of the elevated and system works only.
The offered reduction for underground works
The underground works awarded contract price is RM15.47bn. As progress achieved is now 40%, the
balance of the uncompleted underground works is now valued at RM9.6bn. MMC Gamuda has offered
a reduction of RM2.3bn which represents 24% of this value. The reduction is achieved through
reducing the scope of works and lowering specifications for mechanical, electrical and architectural
finishes of the stations. It was also achieved by reducing the number of entrances to stations and the
number of active stations constructed. From a total number of 10 stations, 4 will currently be shelved.
Factors influencing the awarded underground works price
There are two (2) main factors that have a major influence on the price of the underground works,
namely,
1. Employer’s Requirements
In comparison with MRT Line 1, the Employer’s Requirements has increased the scope of works
significantly, e.g. larger floor space, a fivefold increase in the underground entrance and
pedestrian walkways. As MRT Line 2 geology is complex, the average depth of the diaphragm
walls in MRT Line 2 is 51 metres as compared with MRT Line 1 at 39 metres. During the initial
tender process, MMC Gamuda had submitted an alternative proposal with savings by reducing
the prescriptive requirements without compromising the safety, performance and functionality
of the operational railway. However, MRT Corp elected not to accept the alternative offered by
MMC Gamuda. The reductions currently on offer to MOF include some of these alternatives but
only those applicable to the balance of the underground works.
2. Safety Requirements
Given the high risk of sinkhole incidents arising from tunnelling through the extreme karstic
limestone in the City centre and threading the tunnels through high-end properties, with
financial losses running into hundreds of millions if affected by ground collapses, the insurance
industry around the world have introduced extremely stringent risk management requirements
governed by International Tunnelling Insurance Group [“ITIG”] via the British Tunnelling Society
Risk Management Code of Practice BS6164:2011 and ISO 31000 Risk Management.
Insurers have applied these measures on MRT Lines 1 & 2 tunnelling risks against which MRT
Corp has in turn introduced strict pre-qualification requirements that cannot be relaxed for the
insurance industry to insure MRT Corp on the Project.
MMC Gamuda’s continued in-house developments and customisation of the tunnel boring
machines is an integral part of managing this risk against sinkholes that proved successful in
MRT Line 1. The Variable Density TBM [“VD-TBM”] was developed together with the German
manufacturer and despite winning an international Innovation Award from British Tunnelling
Society, it still needs on-going improvements in its development to mitigate sinkhole risks more
effectively.
The extent of the geological challenges presented in MRT Line 2 are reflected by the fact that
of the 12 TBMs required, we need 10 TBMs to be of this variable density type to effectively
mitigate the karstic risk. This also increases the quantum of enabling works of grouting and
ground improvement prior to the tunnelling.
The Award and the Tender Process
MRT Corp awarded the undergrounds works to MMC Gamuda in 2016 following an international
competitive tender that, due to the challenging ground conditions, had stringent pre-qualification
requirements with only 5 contractors pre-qu

Posted by Victor Yong > 2018-10-08 19:00 | Report Abuse

Factors influencing the awarded underground works price
There are two (2) main factors that have a major influence on the price of the underground works,
namely,
1. Employer’s Requirements
In comparison with MRT Line 1, the Employer’s Requirements has increased the scope of works
significantly, e.g. larger floor space, a fivefold increase in the underground entrance and
pedestrian walkways. As MRT Line 2 geology is complex, the average depth of the diaphragm
walls in MRT Line 2 is 51 metres as compared with MRT Line 1 at 39 metres. During the initial
tender process, MMC Gamuda had submitted an alternative proposal with savings by reducing
the prescriptive requirements without compromising the safety, performance and functionality
of the operational railway. However, MRT Corp elected not to accept the alternative offered by
MMC Gamuda. The reductions currently on offer to MOF include some of these alternatives but
only those applicable to the balance of the underground works.
2. Safety Requirements
Given the high risk of sinkhole incidents arising from tunnelling through the extreme karstic
limestone in the City centre and threading the tunnels through high-end properties, with
financial losses running into hundreds of millions if affected by ground collapses, the insurance
industry around the world have introduced extremely stringent risk management requirements
governed by International Tunnelling Insurance Group [“ITIG”] via the British Tunnelling Society
Risk Management Code of Practice BS6164:2011 and ISO 31000 Risk Management.
Insurers have applied these measures on MRT Lines 1 & 2 tunnelling risks against which MRT
Corp has in turn introduced strict pre-qualification requirements that cannot be relaxed for the
insurance industry to insure MRT Corp on the Project.
MMC Gamuda’s continued in-house developments and customisation of the tunnel boring
machines is an integral part of managing this risk against sinkholes that proved successful in
MRT Line 1. The Variable Density TBM [“VD-TBM”] was developed together with the German
manufacturer and despite winning an international Innovation Award from British Tunnelling
Society, it still needs on-going improvements in its development to mitigate sinkhole risks more
effectively.
The extent of the geological challenges presented in MRT Line 2 are reflected by the fact that
of the 12 TBMs required, we need 10 TBMs to be of this variable density type to effectively
mitigate the karstic risk. This also increases the quantum of enabling works of grouting and
ground improvement prior to the tunnelling.

Posted by paperplane > 2018-10-08 19:01 | Report Abuse

Yeah, bagus our govt. Let. Us got. Chance to collevt cheap cheap

Posted by Victor Yong > 2018-10-08 19:01 | Report Abuse

The Award and the Tender Process
MRT Corp awarded the undergrounds works to MMC Gamuda in 2016 following an international
competitive tender that, due to the challenging ground conditions, had stringent pre-qualification
requirements with only 5 contractors pre-qualified by MRT Corp to tender, of which MMC Gamuda
was the only local contractor.
The bids were evaluated by the Reference Design Consultant, Arup Singapore Pte Ltd, appointed by
MRT Corp. MMC Gamuda’s bid scored the highest technical score and offered the lowest price. MMC
Gamuda’s price was lower than the pre-tender estimate prepared by Arup Singapore Pte Ltd.
Current progress of underground works
The underground works has progressed well and MMC Gamuda had not received any complaints from
MRT Corp regarding the execution of the underground works. To date, all 19 sites are active with 40%
of the works completed. Two of the TBMs are already mining with the balance being assembled and
ready to mine from next month onwards.
Consequences of termination
The termination of MMC Gamuda will result in immediate job losses to a work force of over 20,000
personnel involved in the underground works from a supply chain of over 600+ Malaysian companies.
Of the 20,000, over 3,000 are made up of MMC Gamuda JV staff, and of this, more than 60% are
Bumiputera.
This will cause unnecessary hardship to a significant number of Malaysian work force in an already
slowing market. In addition, the termination will unjustifiably expose MMC Gamuda to a flood of
lawsuits for compensation from terminated employees, sub-contractors, suppliers, manufacturers,
etc whose contracts will similarly be terminated due to no fault of theirs.
In an international re-tender exercise intended by MOF, unless MOF significantly lowers the
requirements, only foreign contractors will be eligible. The award will invariably be given to a foreign
contractor who in turn will use experienced staff from their own countries.
Amicable resolution
MOF’s belief that MMC Gamuda could offer more reduction for the underground works is premised
upon the review by a local engineering consulting firm appointed by MOF. A significant part of the
review findings were refuted by MMC Gamuda on technical grounds as being too simplistic and arising
from a lack of relevant experience. Ironically, MRT Corp which has a huge staff of experienced
technical experts also issued their own report of the aforesaid consulting firm’s proposals on 27 August
2018, which carried similar views as MMC Gamuda.

Posted by Victor Yong > 2018-10-08 19:01 | Report Abuse

Notwithstanding MMC Gamuda’s disagreement, in order to bridge the gap MMC Gamuda had on 8
August 2018, 21 August 2018 and 24 September 2018 urged MOF to appoint an international
engineering consulting firm with the relevant experience to carry out an objective review looking into
all reasonable engineering and technical requirements.
Even though MOF has made known that the offered reduction of RM2.3bn is still not adequate, to
date it has not been conveyed to MMC Gamuda an acceptable target figure that MOF has in mind. If
the target figure is made known together with the components of the savings as individual items, both
parties would be placed in a better position to re-examine these components from where savings
could be derived and narrow the differences. The appointment of an international engineering
consulting firm as proposed by MMC Gamuda would greatly facilitate this exercise.
MMC Gamuda remains open to further discussion with MOF and is amenable to cooperate with MOF
in reaching an agreeable reduction. Our perception of the latest cost gap is that it is an amount which
is not unbridgeable. MMC Gamuda believes that MOF’s aim of achieving savings is best done by both
parties reaching an acceptable compromise instead of terminating the contract and re-tendering the
remainder of the underground works.
Issued by MMC Gamuda
8 October 2018
Media Contact:
Dr Bhavani Krishna Iyer Bhavani@kvmrt-ug.com.my 019 312 8303
Ms Ong Jee Lian ong.jeelian@gamuda.com.my 012 615 7550

Posted by Victor Yong > 2018-10-08 19:02 | Report Abuse

esok,,naik terus, I guess :)

Posted by paperplane > 2018-10-08 19:06 | Report Abuse

Negotation still best solution i think

Posted by hooi > 2018-10-08 19:06 | Report Abuse

esok pagi naik sikit-sikit, kemudian u-turn terjun sharp-sharp masuk tunnel

Posted by jiunn > 2018-10-08 19:11 | Report Abuse

MMC Gamuda: Termination will lead to job losses, flood of lawsuits

https://m.malaysiakini.com/news/446461

Posted by Lukesharewalker > 2018-10-08 19:12 | Report Abuse

It was reported that this follows the Cabinet's decision to terminate the underground work contract of the MRT2 with MMC Gamuda KVMRT Sdn Bhd, a joint venture between Gamuda Bhd and MMC Corp Bhd.

Posted by Victor Yong > 2018-10-08 19:17 | Report Abuse

LGE cuma tekan gamuda mmc untuk merendahkan harga dan belum muktamad. esok akan naik kembali

Posted by Victor Yong > 2018-10-08 19:17 | Report Abuse

siapa dah jual, esok akan menangis haha

Posted by Victor Yong > 2018-10-08 19:19 | Report Abuse

belum muktamad, korang terlalu perasan, kenapa? haha

Posted by hollandking > 2018-10-08 19:19 | Report Abuse

Wow, I just saw something shocking about Gamuda. Think it will fall further. The termination had very serious consequence on Gamuda, ranging from money losses to lawsuits.

https://www.malaysiakini.com/news/446466

Posted by ks5S > 2018-10-08 19:19 | Report Abuse

Any u-turn will reflect very bad on ph.
I dont think there is u turn

Posted by hollandking > 2018-10-08 19:21 | Report Abuse

sifus sifus better go for another round of knives catching tomorrow, those who had catched knives today, i dont know what is going to happen to u tomorrow

Posted by Victor Yong > 2018-10-08 19:21 | Report Abuse

bagus...esok , harga akan terbang

MMC Gamuda: Penamatan kontrak jejaskan 20,000 pekerja
8 Okt 2018, 6:56 petang (Dikemaskini 8 Okt 2018, 7:00 malam)

A A
Penamatan MMC Gamuda sebagai kontraktor bagi projek bawah tanah MRT2 bernilai RM16.71 bilion akan menyebabkan kehilangan kerja secara mendadak, kata syarikat berkenaan.

Dalam kenyataan petang ini, MMC Gamuda berkata ia akan menjejaskan 20,000 pekerja dari 600 syarikat pembekal tempatan yang terlibat dalam projek bawah tanah itu.

"Daripada 20,000, lebih 3,000 adalah kakitangan MMC Gamuda JV dan dari jumlah itu, lebih 60 peratus adalah bumiputera.

"Ini akan menyebabkan kepayahan yang tidak seharusnya kepada sejumlah besar tenaga kerja rakyat Malaysia dalam pasaran yang ketika ini perlahan.

"Selain itu, penamatan itu juga secara tidak adil menyebabkan syarikat MMC Gamuda akan berdepan banyak saman susulan pemberhentian pekerja, sub-kontraktor, pembekal, pengeluar, dan seumpamanya yang kontraknya akan ditamatkan walaupun bukan salah mereka," tambahnya.

Susulan pelaksanaan penganugerahan tender antarabangsa semula oleh Kementerian Kewangan, MMC gamuda berkata, hanya kontraktor asing yang akan layak sekiranya kementerian itu tidak menurunkan syarat mereka.


"Penganugerahan tender itu selalunya akan diberikan kepada kontraktor asing yang akan menggunakan kakitangan berpengalaman daripada negara mereka," katanya.

Semalam, Menteri Kewangan Lim Guan Eng mengumumkan projek bawah tanah MRT2 dibatalkan selepas kerajaan dan MMC Gamuda tidak mencapai kata sepakat.

[

Posted by ks5S > 2018-10-08 19:26 | Report Abuse

Gamuda awarded to all those umno contractor. Sure higher price. Now potong by ph . Good decision made by ph govt

Posted by hollandking > 2018-10-08 19:26 | Report Abuse

i also feel is a good cut

Posted by Victor Yong > 2018-10-08 19:27 | Report Abuse

As long as letter has not been issued = not finalized... The price will fly tomorrow

Posted by cheeyong > 2018-10-08 19:27 | Report Abuse

GAMUDA Lost 50%

Posted by ks5S > 2018-10-08 19:28 | Report Abuse

Yah.. fly to holland

Posted by Victor Yong > 2018-10-08 19:29 | Report Abuse

No official letter = negotiation is ongoing, etc . LGE was smart to press gamuda MMC till they agree with a Win2 price :)

Posted by trulyinvest > 2018-10-08 19:30 | Report Abuse

Wait leter, u wil get rm1.80

Posted by ks5S > 2018-10-08 19:31 | Report Abuse

Crazy meh . Negotiate like this. I dont think lge play this game like this. Confirm cancel leow . Dont hope too much.beter potong tomorrow

Posted by apple168 > 2018-10-08 19:32 | Report Abuse

LGE, finance minister announced cancellation of the projects first and official government letter comes later to stop insiders from disposing Gamuda share first to help the public from being trapped at high share price... Expecting Gamuda share price less than 1.50 soon...

Posted by tksw > 2018-10-08 19:32 | Report Abuse

"menyebabkan syarikat MMC Gamuda akan berdepan banyak saman susulan pemberhentian pekerja, sub-kontraktor, pembekal, pengeluar, dan seumpamanya "

jialat， still got saman susulan....

Posted by tksw > 2018-10-08 19:33 | Report Abuse

housefly got la...

Posted by hollandking > 2018-10-08 19:33 | Report Abuse

based on the news, how big the losses u think gonna be? Nobody come up with the estimation but the news show cut jobs by tens of thousands AND Lawsuits. So how much the lawsuits going to cost? Gamuda should have just shut up its mouth but it blurted out the impact

Posted by trulyinvest > 2018-10-08 19:36 | Report Abuse

Tis is d corect way to award projects. Bukan asyik cronies,saje. Kikikkkk