Posted by sjwee3 > 2018-10-10 20:19 | Report Abuse

MRCB- Gkent JV to bid for the retendering.

Posted by Alibaba > 2018-10-10 20:21 | Report Abuse

http://www.theedgemarkets.com/article/let-prime-minister-handle-mrt2-underground-issue-says-mmc-gamuda?type=malaysia

Posted by isupertrader > 2018-10-10 20:22 | Report Abuse

No, I don't think government will cancel MMC-Gamuda dealings. I understand there are talks of within management from both sides to reduce the cost substantially and to present to the PH government. While not as low as Tony Pua predicted but should be enough to justify the project to go on since already 40% completed. Also, I believe the PH government don't want to be blamed at should they award to another party who could affect progression or mishap of the projects. At the same time, the government has good intentions to fare well for everybody so as long cost is brought down to an acceptable level.

Posted by sjwee3 > 2018-10-10 20:24 | Report Abuse

MMC- Gamuda vs MRCB - Gkent interesting.

Posted by Savigjitah > 2018-10-10 20:28 | Report Abuse

Pls terminate the contract

Posted by KLCI King > 2018-10-10 20:29 | Report Abuse

probability, welcome back to earth & hope you feel at home. Dr. Zaius is looking to read your report.


probability 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'....
10/10/2018 19:48

Posted by Savigjitah > 2018-10-10 20:29 | Report Abuse

We dare u

Posted by sjwee3 > 2018-10-10 20:34 | Report Abuse

MMC and Gamuda had black record. Is hard to get back the contract base on current situation.

Posted by pang72 > 2018-10-10 20:38 | Report Abuse

Wow...
Gamuda very clever and pass the ball to PM.

Remember that PM and Moktar are good friend.
Dare PM said Yes or No..?

Said yes will be as Ajib crony style.
Said no will be cost saving billion ringgit with new tender.. this is PH direction..

Posted by pengwin > 2018-10-10 20:39 | Report Abuse

tomorrow might have some technical rebound due to oversold sentiment across entire market...but be careful of the bear trap....need to wait for T3 T4 first before real rebound.....maybe next week can consider enter

Posted by sjwee3 > 2018-10-10 20:41 | Report Abuse

But joint venture with gkent and CCCC can. Plus they are much more competent in fulfilling govt interest on cut cost.

Posted by pengwin > 2018-10-10 20:42 | Report Abuse

May want to consider GKent or MRCB for short term technical trade....but need to be quick in quick out....

Posted by LGMGL > 2018-10-10 20:43 | Report Abuse

http://koonyewyin.com/2018/10/10/my-advice-for-the-ph-government-on-contract-terminations/

Posted by Ring > 2018-10-10 20:45 | Report Abuse

http://www.theedgemarkets.com/article/let-prime-minister-handle-mrt2-underground-issue-says-mmc-gamuda-0

Posted by sjwee3 > 2018-10-10 20:46 | Report Abuse

Last time MMC Gamuda pampered by govt. Once lossing protect how to survive. Unlike others company compete mati-mati. Much more smart and immuted.

Posted by issac99289928 > 2018-10-10 20:47 | Report Abuse

sjwee3 But joint venture with gkent and CCCC can. Plus they are much more competent in fulfilling govt interest on cut cost.

PM hates china related companies.we have to raise new taxes to pay back massive debt to china.

Posted by sjwee3 > 2018-10-10 20:49 | Report Abuse

This is so call tech and human resources exchange and migration.

Posted by JN88 > 2018-10-10 20:50 | Report Abuse

Look at the video of people represent Gamuda talk ...... super Sakai.....

End of video still want to say Hidup Tun

Government can entirely aquasition Gamuda and kick out all the high management team leader...

Posted by Ring > 2018-10-10 20:51 | Report Abuse

http://www.theborneopost.com/2018/10/10/mmc-gamuda-to-remain-steady-despite-mrt2-contract-termination/

Posted by probability > 2018-10-10 20:52 |

Post removed.Why?

Posted by Dcmh > 2018-10-10 20:52 | Report Abuse

International consulting knows nuts of kenny hill underground limestone formation and local cost . Only local reputable consultant is apprehended

Posted by sjwee3 > 2018-10-10 20:53 | Report Abuse

The way their talk and think also very Sakai not much develop during the time pampered by govt.

Posted by probability > 2018-10-10 20:58 | Report Abuse

MMC, Gamuda to remain steady despite MRT2 contract termination

October 10, 2018, Wednesday Sharon Kong

The underground portion of MRT2 contract carries an outstanding orderbook value of RM5.6 billion, with project completion spans until May 2022. — Bernama photo

KUCHING: Analysts are generally still optimistic on MMC Corporation Bhd (MMC) and Gamuda Bhd (Gamuda) despite the federal government recently terminating the MMC-Gamuda joint venture (JV) as the main contractor for the tunnelling works of Mass Transit Line 2 (MRT2).

The research arm of MIDF Amanah Investment Bank Bhd (MIDF Research) was negatively surprised by this latest development on the MRT2 as it did not foresee cancellations for the on-going construction project.

“Following the contract termination of MRT2 underground works for MMC-Gamuda and the 23 per cent reduction for the remaining underground works, the effective remaining orderbook for MMC hovers below RM10 billion from RM14.9 billion previously,” it said.

For Gamuda, MIDF Research is expecting about eight per cent to 11 per cent of potential earnings reduction for every quarter in financial year 2019 to 2022 (FY19-20-21-22) to the tune of RM24 million to RM26 million.

Cumulatively, this accounted for 11 per cent and 13 per cent of the research arm’s and consensus full year 2019 estimates.

It noted that the underground portion of MRT2 contract carries an outstanding orderbook value of RM5.6 billion, with project completion spans until May 2022.

“On top of this, we understand that the above-ground contract value has been reduced by 23 per cent, with the JV’s previous role as a project delivery partner (PDP) has now switched to a turnkey contractor.

“Based on the new remaining contract value of RM4.4 billion, we are estimating a full year net profit contribution of RM55 million to Gamuda.

“It is notable that this is a reduction of 29.9 per cent from the previous contract.”

However, MIDF Research highlighted that an advantage of being a turnkey contractor is that MMC-Gamuda would be able to participate in the re-tendering process of the underground works.

The research arm viewed that MMC-Gamuda would stand a fair chance of succeeding in the next bid given the JV’s expertise demonstrated in past projects, albeit at a more competitive value.

“We are not ruling out the possibility of Gamuda and MMC to participate in the retendering process, if an agreement is reached.

“Assuming that both entities are able to reduce cost, we believe the outcome will be positive,” MIDF Research said.

While the abovementioned matter is a drag on earnings, MIDF Research opined that MMC’s profitability will be buttressed by the group’s ports segment as highlighted in its previous note on September 26, 2018.

The research arm recalled that MMC is the largest port operating group in Malaysia with a 58 per cent market share of the nation’s container market.

MIDF Research was also still upbeat on Gamuda’s earnings growth prospect based on the group’s strong orderbook and healthy contribution in the property segment.

“On the property segment, we remain optimistic on its medium term outlook predicated on the completion of construction works at 661 Chapel Street, Australia and potential of better take-up rates in the domestic market.”

Interestingly, MMC-Gamuda’s joint media statement on October 8 revealed that the JV had 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,” the JV said.

Posted by jolow > 2018-10-10 20:59 | Report Abuse

they treat the MOF useless.
very arrogant,,,, want to talk to the boss only.
treat the ph like stupid,

Posted by astalavista > 2018-10-10 20:59 | Report Abuse

Tomorrow drop more ke..

Posted by probability > 2018-10-10 21:00 | Report Abuse

Cause LGE and Tony treat them unprofessionally....

Posted by jolow > Oct 10, 2018 08:59 PM | Report Abuse

they treat the MOF useless.
very arrogant,,,, want to talk to the boss only.
treat the ph like stupid,

Posted by Dcmh > 2018-10-10 21:01 | Report Abuse

Well known

Posted by jolow > 2018-10-10 21:02 | Report Abuse

how can they make their customer (govt)lose face in public?
what type of customer service they have ? idiot

Posted by jolow > 2018-10-10 21:04 | Report Abuse

even my customer call me stupid... i still treat them as king bcos end of the day... they give you business.
this gamuda is too arrogant.

Posted by probability > 2018-10-10 21:04 | Report Abuse

which idiot MOF can simply terminate contract....bully?

sounds very much like the red shirts Jamal Yunus now...

Posted by probability > 2018-10-10 21:06 | Report Abuse

simply shouting in the media (to the public) instead of talking sensible facts and sticking the set out business professionalism...

rowdy MOF kah?

want to snatch other people's money simply because their pocket is kosong?

cancel the toll abolishment la...

dont be a bully and find business victims..

Posted by jolow > 2018-10-10 21:07 | Report Abuse

GAMUDA do not know what is business....
even the govt cancel mrt , they need to have cold head and approach the govt in a diplomatic manner. Not start a war with your boss.

Posted by sjwee3 > 2018-10-10 21:07 | Report Abuse

Even reducing 23% of the cost. With such inefficient and massive cronies. MRCB - Gkent put the bid of 30%. They also can't effort. Not to say the scale of 50%like lrt3. How can they tahan.

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

Gamuda did request a an International engineering consulting firm for independent evaluation right?

clearly shows Gamuda is open for a fair discussion...

Posted by 5c0160 > 2018-10-10 21:08 | Report Abuse

Tmr go in at 1.55

Posted by jolow > 2018-10-10 21:09 | Report Abuse

if you are in the govt, you will do the same bcos the previous bn cause serious damage . Now have to stop the bleeding immediate... where got time to have win-win situation,

rakyat win first... that is the most important

Posted by probability > 2018-10-10 21:09 | Report Abuse

dont go back the previous world la....

government is public servant...not a boss or a bully...

i think people like you deserve to be slaves

Posted by jolow > Oct 10, 2018 09:07 PM | Report Abuse

GAMUDA do not know what is business....
even the govt cancel mrt , they need to have cold head and approach the govt in a diplomatic manner. Not start a war with your boss.

Posted by TrippleZ > 2018-10-10 21:11 | Report Abuse

Government tried to save 2bil cost and caused Gamuda lost 2bil in market value. Nice lol

Posted by probability > 2018-10-10 21:14 | Report Abuse

MOF of stealing money from other's pocket looks like....

why cant they sell some assets?

what about oil...why not sell in huge quantity now instead of in the future when oil no longer has value?

Posted by sjwee3 > 2018-10-10 21:14 | Report Abuse

Govt already know the price. Want to cut more also can't effort. Using international engineering consultant to press govt.

Posted by jolow > 2018-10-10 21:14 | Report Abuse

if tun m give gamuda face, then bursa die some more faster . i can bet this. The govt have to be firmed and tough on its decision.
We are saving the rakyat and not the 20 k unknown gamuda employee.

Posted by apple168 > 2018-10-10 21:15 | Report Abuse

Yes, jolow! You got it right!

Posted by Victor Yong > 2018-10-10 21:15 | Report Abuse

:)

MMC Gamuda urges all stakeholders to trust PM's wisdom in reviewing contract termination
Chester Tay

theedgemarkets.com

October 10, 2018 20:21 pm +08


KUALA LUMPUR (Oct 10): MMC Gamuda KVMRT (T) Sdn Bhd said the joint venture will leave the issue of the termination of the Mass Rapid Transit Line 2 (MRT2) underground contract in "the Prime Minister's good hands".

In a statement today, MMC Gamuda said it welcomes the decision by Tun Dr Mahathir Mohamad to review the cancellation of the MRT 2 underground Contract with the joint venture, which is a 50:50 joint venture between Gamuda Bhd and MMC Corp Bhd.

“MMC Gamuda therefore leaves the matter in the good hands of the Prime Minister, Tun Mahathir.

On the other hand, the joint venture company stressed that it remains committed to further discussion with MoF and to cooperate with MoF to reach an agreeable reduction of cost.

It hopes the Government would invite the company back to the negotiation table as part of the review process, said the statement. “MMC Gamuda remains committed to further discussion with MoF and to cooperate with MoF in reaching an agreeable reduction of cost.”

MMC Gamuda urged all stakeholders especially its staff, subcontractors and suppliers to remain calm, be patient and trust in the wisdom of the Prime Minister in his impending review process.

“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,” it said.

“Our request in return for the open-book approach is that our Intellectual Property (IP) rights and commercially sensitive information are duly respected as such, by the said reviewing consultant and all reviewing parties, during the review process. MMC Gamuda therefore leaves the matter in the good hands of Dr Mahathir,” it added.

Yesterday, Dr Mahathir was quoted by the local media saying that the Government is reviewing its decision to call for an international tender for MRT2 underground works.

The 93-year-old premier reportedly said this was because the termination would affect a workforce of 20,000 people.

“We are studying this carefully and reviewing this matter. It will be discussed,” he reportedly said after delivering the closing address at the Khazanah Megatrend Forum 2018.

Posted by Speedy Boy > 2018-10-10 21:16 | Report Abuse

Sudden cancellation of this big ticket job is very bad! Investors are getting impression that our private companies are corrupted! Dudes, this is MMC and Gamuda we are talking about!

Posted by probability > 2018-10-10 21:16 | Report Abuse

show their skills in solving the 1MDB case and recover the money la...

the asset of 1MDB has no value?

If no value...default it lor...let the lender take the assets

whats keep shouting big debt big debt...but not telling about the assets?

Posted by Anti_debt > 2018-10-10 21:18 | Report Abuse

Give contracts to Gamuda causing RM 1 trillion debts somemore tarik harga? No Gamuda M'sia can die?

Posted by Speedy Boy > 2018-10-10 21:18 | Report Abuse

Somewhat this sudden cancellation is one big mistake! Another blunder on LGE portfolio! Just my 2 cents!

Posted by Lucas Chan > 2018-10-10 21:18 | Report Abuse

Capital gain tax!!! Omg crazy idea

Posted by sjwee3 > 2018-10-10 21:19 | Report Abuse

So terrible. Other can offer better cost. They want to hijacking. Even they get back the contract. To them is a discount of 50% revenue versus operating cost.

Posted by Speedy Boy > 2018-10-10 21:20 | Report Abuse

And to think bursa lost 4 billions today!