Posted by abcb > 2018-10-10 19:22 | Report Abuse

Be cautious to trade this volatile stock, a lot of UMNO proxies trying to dispose all very soon

Posted by shark007 > 2018-10-10 19:23 | Report Abuse

haiz..
at the end there are not win=win for both parties.
gamuda lost much of share and future development also future hope is hard..
government lost the percentage of citizen vote or trust or also tax money.(the main point is all construction part will scard not matter small or big)


two also lost the confidence from oversea investor and also malaysian investor or goodwill (like najib 1MDB history)(its make oversea investor laugh with malaysian)


why dont just close the door and argue by themselves, government can force gamuda to accept it（you are govenment but not Opposition party)..gamuda can reject the project with non-profit reason or show the example with why can't decrease the cost(i think it should got a good ending but problem is less communication).

you jump, now i must follow, i dont have any way of escape （it is all gamuda Senior employee feeling）..

for the gamuda worker they hope "i don't wanna say goodbye".

it tats malaysian want this result.

keep argue and keep quarrel each other, its not any significance..

Posted by issac99289928 > 2018-10-10 19:26 | Report Abuse

no worry.gamuda's ceo will resign .everything will be back to normal.

Posted by Victor Yong > 2018-10-10 19:28 | Report Abuse

:)

https://klse.i3investor.com/m/blog/kianweiaritcles/177482.jsp

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

RM 1

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

In Malaysia we need to pray hard for no news to come out. Now, no news is a good news. News always a bad news

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

maybe u r right, gamuda ceo need to resign + give a much better deal to govt

Posted by Victor Yong > 2018-10-10 19:31 | Report Abuse

rules of law and honouring contracts are important to get confidence from both local and foreign investors

Posted by Victor Yong > 2018-10-10 19:33 | Report Abuse

open tender is good for transparency... in fact , mmc gamuda obtained this contract by beating few foreign players :)

Posted by ramada > 2018-10-10 19:34 | Report Abuse

RM1.50 is NOT a dream.

Posted by Victor Yong > 2018-10-10 19:35 | Report Abuse

mmc gamuda must build good relationships with the govt although all contracts are given out by the govt through open tender.

good relationship enables issues to be resolved quickly

Posted by apple168 > 2018-10-10 19:36 | Report Abuse

10 Oct 2018

Dear Directors of MMC-Gamuda,

Let me applaud you for putting up a great show since the Minister of Finance, Lim Guan Eng announced the Cabinet decision to (i) accept the offer from MMC-Gamuda to reduce the cost of the MRT2 Above Ground works by RM5.2 billion to RM17.4 billion (23% reduction) in the form of a turnkey contract and (ii) terminate the Underground contract as both parties could not reach an agreement on the required price reduction.

You have issued a letter proclaiming innocence, claiming that you were awaiting for an offer from the Ministry of Finance (MoF). You questioned the qualifications of the independent engineering consultant we have engaged. You implied that the decision to terminate was hasty and ill-conceived. You sought sympathy claiming the loss of jobs for no less than 20,000 people (wow!). Your social media actively promoted a campaign to “Save 20,000 Jobs” asking Malaysians to sign the petition. There are viral Whatsapp letters from first class honours engineers regretting support for Pakatan Harapan in the last general election.

The performance and mobilisation of the above campaign are nothing short of impressive. The question of cost of the project to the Government was conveniently ignored.

We had no intention of engaging with you in a public war of words. We tend to reserve that for our political opponents. And after all, we wanted to continue the good working relationship to complete the RM17.42 billion worth of Above Ground works.

However, the obvious brazen attempt to paint yourself an innocent victim to an unjust Harapan government required a response to set the facts right and record straight.

1. The original Underground contract was awarded for RM15.49 billion. MRT Corp awarded additional RM1.2 billion of variation orders which resulted in the revised contract value of RM16.71 billion.

2. After numerous meetings and discussions, you wrote to the Minister on 15 August to offer a revised price of RM15.1 billion. This was mostly a result of shelving the 2 underground stations at Bandar Malaysia North and South.

3. Subsequently on 7 Sep, you offered to reduce the price further to RM14.58 billion for the Underground contract (making it RM32 billion for the entire MRT2 project). This represented a cost saving of RM2.13 billion or a 12.7% reduction. In the words of the Gamuda director at the meeting with the Minister on 4 Sep – “we offer what we can offer, but anything beyond that will be meaningless to continue”.

4. However, based on the study by the independent engineering consultant, MRT Corp should expect total savings between RM4.19 to RM5.79 billion for the estimated remaining 60% portion of works yet to be completed. Yes, this potential savings is just for the balance of works to be completed. Imagine the potential savings if it was for the entire contract.

So the question to be deliberated upon by this new Pakatan Harapan government is very simple.

A. Do we say, “it’s OK la, let’s just accept the RM2.13 billion reduction offered by MMC Gamuda”? After all, we can take this figure and boast to Malaysians of our ‘magnificent’ achievement, for they would know no better that we might have left another RM2 billion of potential savings on the table. Furthermore, it will certainly save us the trouble of having to deal with the negative publicity and the new international tender exercise which has to be carried out. Too much work... Or

B. Do we honour the mandate and trust the people has given us and maximise the savings we can reasonably derive from the project? RM2 billion can pay for 5 hospitals, or 50 schools. RM2 billion is hell of a lot of money when I see my MoF colleagues who are struggling and scrimping to find RM50 million savings here, and RM80 million cuts there for the upcoming Budget.

The Cabinet obviously made the decision to pick the latter. And you seriously telling Malaysians to blame the Cabinet for the termination?

Or would you then pick a different target, as you implied in your media statement, that the independent consulting engineers aren’t sufficiently qualified – despite employing more than 500 staff with a track record of having completed more than 80 projects in 24 countries outside of Malaysia?

Or was it because the government-appointed independent consulting engineer exposed the frequently expounded lie that the cost of MRT1 and MRT2 are well-below the average cost of construction of various Asian Metros, because no one was actually able to substantiate the data provided?

Should we instead question why MMC Gamuda had initially agreed to, but subsequently refused to share costing data with the independent consulting engineer to justify its cost, claiming “trade secrets”?

Posted by apple168 > 2018-10-10 19:37 | Report Abuse

To the 26 year old first-class honours engineering graduate, I empathize the turbulence you are facing in your life today which is due to no fault of yours. However, should Gamuda decides not to retain your services, it would only be their loss, because you would build an equally successful career in many other companies.

To the purported 20,000 workers who, according to MMC Gamuda, would lose their jobs as a result of the underground contract termination, let me emphasize that the Malaysian government is not terminating the project. You will find plenty of opportunities when the new project is awarded at a lower cost, while the savings generated would mean even more projects for the future.

But perhaps, instead of starting a petition on Change.org to seek the Government to reverse its decision on the termination, it might be more productive to start a petition to ask your bosses at MMC Gamuda to make the Malaysian government an offer they cannot refuse.

Thank you.

Tony Pua

Posted by shark007 > 2018-10-10 19:37 | Report Abuse

KWSP, PNB, KWAP, unit amanah (30 big shareholder) all co-operate to warning gamuda CEO sure resign..

what they want is on easy way but not smart sense.

Posted by Kendo Ken Hz > 2018-10-10 19:37 | Report Abuse

In the future, gamuda can bid governmental works without relying on the other half crony, MMC, obvious,
So, longer term is good to hold gamuda, as their engineering tech is the best in Malaysia, n better margin no need to share with crony..

Posted by apple168 > 2018-10-10 19:38 | Report Abuse

This is what we respect as street smart ppl running New Malaysia government! We salute MOF, Malaysia!

Posted by Victor Yong > 2018-10-10 19:39 | Report Abuse

pandai cakap :)

MMC-Gamuda MRT2 project termination a bad move, says Kan
NATION
Wednesday, 10 Oct 2018



PORT DICKSON: The government should review its decision to terminate the MMC-Gamuda JV contract to build the underground portion of the MRT Line 2, says independent candidate Kan Chee Yuen (pic).

While he understood that the Finance Ministry’s decision was made due to cost cutting measures, he is concerned on how it is being done.




“I am concerned about the unseen costs, not just the loss of money, but losses in terms of technology, innovation and improvement.

“The approach must be done in a professional way. It should not just be about cost cutting; cost optimisation should also be a factor.



“There is a high possibility that young people with strong expertise from Port Dickson working in KL might also be affected,” he told a press conference here yesterday.

It was reported that the Finance Ministry’s move to terminate MMC-Gamuda KVMRT (T) Sdn Bhd’s contract to build the underground portion of the MRT2 would result in over 20,000 job losses from a supply chain of over 600 Malaysian companies.

Finance Minister Lim Guan Eng had said that all unfinished underground work at MRT2 would be re-tendered via an international open tender process.

Kan said the announcement might affect investor confidence and send the wrong signal to the international business community.

“The foreign investors will say that if you guys keep changing your policies, what will happen to the confidence level?

“That is why our ringgit will continue to depreciate,” he added.

He also said that the announcement had an impact towards local companies operating in Port Dickson.

“Out of the supply chain, I was told that ten of the businesses are from Port Dickson.

“These are businesses and not individuals. We are not sure how many engineers working there are from Port Dickson.

“Imagine the local companies are now losing employment as well as business opportunities from Port Dickson,” he said.

Posted by tehka > 2018-10-10 19:43 | Report Abuse

Apple168, waaa. . Tony Pua pun ada masa main Bursa ya... hahaha

Posted by Bigbull99 > 2018-10-10 19:44 | Report Abuse

CREC - GAMUDA JV... hahahahahha

Posted by apple168 > 2018-10-10 19:45 | Report Abuse

Those who still holding Gamuda shares, it is not too late to cut loss! PH Government is very firm on cutting construction cost. No way you could reverse it. Take it with very narrow profit margin or even build it with no profit as part of charity work for new Malaysia!

Posted by issac99289928 > 2018-10-10 19:46 | Report Abuse

gamuda's ceo should resign .renegotiate the new contract without MMC and gamuda can have more profit.

Posted by probability > 2018-10-10 19:48 | Report Abuse

I dont see any reason for Gamuda to give in to MOF demands...

No new bidder can take over the existing contract which are 40% done by Gamuda, without close cooperation from Gamuda.

Gamuda should just stand their ground.

LGE and Tony are acting like the Apes in 'Planet of Apes'....

Posted by apple168 > 2018-10-10 19:48 | Report Abuse

We as fund mangers always gather and distribute news among ourselves and do not mind to share! Sharing is caring! We hope most of us win in share market! No one should be cheated by the devils!

Posted by Ayoyo > 2018-10-10 19:51 | Report Abuse

Latest.... Gamuda willing to renegotiate.....

https://m.facebook.com/story.php?story_fbid=1029441387227862&id=163335377171805

Posted by jolow > 2018-10-10 19:52 | Report Abuse

really a october effect on bursa
sell in october and go away really true.

Posted by feimah > 2018-10-10 19:53 | Report Abuse

@ran777
TS Krishnan Tan started his career from bottom up while LGE now do it from top down.

Posted by Huatexpert > 2018-10-10 19:54 | Report Abuse

light end of tunnel...

MMC-Gamuda says ready for MRT2 contract renegotiation

https://www.malaymail.com/s/1681472/mmc-gamuda-says-ready-for-mrt2-contract-renegotiation

Posted by feimah > 2018-10-10 19:55 | Report Abuse

Need to advise TDM to cut infra project out from Finance Ministry and put it to Kementerian Kerjaraya.

Posted by tehka > 2018-10-10 19:56 | Report Abuse

Tomorrow will stick to my TV3... if I see LGE suddenly appear want to give press statement, I will fast fast short. . :p

Posted by jolow > 2018-10-10 19:56 | Report Abuse

too late already.
now only want to discuss
sohai gamuda

Posted by apple168 > 2018-10-10 20:00 | Report Abuse

Probability, 2 billion money that saved from the project can pay for 5 hospitals, or 50 schools. RM2 billion is hell of a lot of money!

Please get yourself admitted to public hospital and feel it yourself, how the poor rakyat suffering with barely enough medicine! We heard few hospitals even Klang hospital at once, running out of medicine!

Looking at the public school, many of the school children are still using cracked tables, get wet in rainy day due to broken windows in classroom etc... the native in Sabah and Sarawak are traveling using sampan to school because no school at their villages!

Selfish you, Probability!

Posted by Gn021 > 2018-10-10 20:04 | Report Abuse

https://www.malaymail.com/s/1681466/online-petition-to-save-mrt2-jobs-gets-over-27000-signatures

Posted by Gn021 > 2018-10-10 20:05 | Report Abuse

KUALA LUMPUR, Oct 10 — MMC-Gamuda hopes to be invited back to the negotiating table after Prime Minister Tun Dr Mahathir Mohamad said the cancellation of its MRT2 underground contract will be reviewed.

It said it was committed to further discussions and cooperation with the Finance Ministry to reach an agreeable reduction of cost.

“We shall adopt an open book approach with the appointment of an international engineering consulting firm that possesses the necessary experience and track record in assessing tunnelling works around the world, and as such, be in the best position to re-examine where savings can be derived,” the firm said in a statement.

Posted by Victor Yong > 2018-10-10 20:05 | Report Abuse

:)

https://www.malaymail.com/s/1681255/mrt2-workers-make-video-appeal-to-pm-video

Posted by TrippleZ > 2018-10-10 20:07 | Report Abuse

apple168, im pretty sure government can take of the poor without the need of 2bil if government really honestly care.

Posted by John Angel > 2018-10-10 20:08 | Report Abuse

now buy or sell ?

Posted by PHconman > 2018-10-10 20:09 | Report Abuse

Probability, 2 billion money that saved from the project can pay for 5 hospitals, or 50 schools. RM2 billion is hell of a lot of money!

Please get yourself admitted to public hospital and feel it yourself, how the poor rakyat suffering with barely enough medicine! We heard few hospitals even Klang hospital at once, running out of medicine!

Looking at the public school, many of the school children are still using cracked tables, get wet in rainy day due to broken windows in classroom etc... the native in Sabah and Sarawak are traveling using sampan to school because no school at their villages!........

Apple168-Do you think they will build school and Hospital with the money save???probably money will go into 3rd national car or Penang transport plan...

Posted by pang72 > 2018-10-10 20:09 | Report Abuse

http://www.kwongwah.com.my/?p=583977

征收新税恐将削减公司盈利 大马股市猛泻41点

Posted by chinaman > 2018-10-10 20:10 | Report Abuse

If Pakatun really concerned on citizens' welfare, civil servants salary+ pension cost is over myr100billion per annum carries much greater weight. Why civil servants untouchable as holy cow? Why must always poor citizens sacrifice with more tax? or private sector bear cost cutting on projects

Posted by cheoky > 2018-10-10 20:11 | Report Abuse

Sanctity of contract should be observed. Contractor willing to drop price to government. Hanky panky? Put macc in. This way to cut cost is portraiting a poor image to all investors. Saying rule of laws? Rule of bullies more like it. Admit it, pH all in with margin to win election. Gst should be maintained, while find way to assist poors. Who wants to come Malaysia to invest as such? Poor PH move here indeed.

Posted by pang72 > 2018-10-10 20:11 | Report Abuse

New PH government implement all counter measure to damage the economy.
Looks good and smart!

Posted by alex > 2018-10-10 20:11 | Report Abuse

otb wipe off from stock market forever after he sailang into gamuda we

Posted by sjwee3 > 2018-10-10 20:14 | Report Abuse

Since there is no quantum guided by the government on MRCB’s MRT2 contract reduction, MQ Research is cutting MRCB’s MRT2 contract value by 23%, in line with the total cost cut of the MRT2 above-ground package. After seamlessly executing the LRT3 cost-cutting measures , MQ Research believes MRCB could be one of the strong contenders to bid for the remaining MRT2 tunnel package, after Gamuda-MMC’s role was terminated by the government.

Posted by Alex™ > 2018-10-10 20:15 | Report Abuse

So how? Tmr can all in or not?

Posted by pang72 > 2018-10-10 20:15 | Report Abuse

http://www.kwongwah.com.my/?p=584056

魏家祥：缺钱却发展国产车 征新税将影响市民饭碗

Posted by pang72 > 2018-10-10 20:16 | Report Abuse

Hero in the disaster era!

Date Sri wei

Posted by pang72 > 2018-10-10 20:16 | Report Abuse

Morning all in! Afternoon all out

Posted by pang72 > 2018-10-10 20:17 | Report Abuse

Night rest!

Posted by sjwee3 > 2018-10-10 20:17 | Report Abuse

MRCB will foreseen of 40% price surge for coming term after govt. Cancel Gamuda MMC contract.

Posted by pang72 > 2018-10-10 20:17 | Report Abuse

PH decision change rapidly. So, in out is the best!