Posted by Victor Yong > 2018-10-17 18:46 | Report Abuse

selepas next cabinet meeting, tahulah :)

KUALA LUMPUR (Oct 17): Finance Minister Lim Guan Eng said today that he will bring the matter of the termination of MMC Gamuda KVMRT (T) Sdn Bhd’s contract to build the underground portion of the Mass Rapid Transit Line 2 (MRT2) for further deliberation in the next cabinet meeting.

That's because the cabinet was the one to pull the plug on MMC Gamuda's underground work contract of the MRT2, he added.

“Let’s wait for the next cabinet meeting because I was not in the previous cabinet meeting, as I was in Bali last week attending the Asean Ministers Conference. So, let me get back to you after the next cabinet meeting, to update on the present situation," he told reporters at Parliament lobby today.

"On this matter, bear in mind it was a cabinet's decision. So, if there are any changes, it has to be decided by the cabinet,” Guan Eng added.

On Oct 7, Guan Eng had announced that the federal government will be retendering all unfinished underground works of the MRT2 project, also known as the Sungai Buloh-Serdang-Putrajaya (SSP) line, through an international open tender process.

He had also announced the termination of the underground work contract after the government and MMC Gamuda failed to reach an agreement relating to a reduction in the construction cost.

However, MMC-Gamuda had lamented that the joint venture (JV), which is equally owned by Gamuda Bhd and MMC Corp Bhd, was not being given a fair chance to work out the cost reduction for the underground works, as the Ministry of Finance did not reveal the target it wanted to achieve.

The ministry had also warned it would result in immediate job losses of over 20,000 personnel involved in the underground works, from a supply chain of over 600 Malaysian companies.

Subsequently, Prime Minister Tun Dr Mahathir Mohamad had said the government will review its decision to open the international tender process for the MRT2 underground works.

On Oct 11, The Edge Financial Daily had also reported saying four ministers led by Guan Eng will be involved in the renegotiation. They are Economic Affairs Minister Datuk Seri Mohamed Azmin Ali, Transport Minister Anthony Loke and Works Minister Baru Bian.

Gamuda shares closed down one sen or 0.41% at RM2.42 today, with 12.32 million shares done, bringing a market capitalisation of RM6 billion. However, shares of MMC settled at RM1.14, up one sen or 0.89%, with 474,400 shares traded, valuing it at RM3.47 billion.

Posted by Victor Yong > 2018-10-17 18:49 | Report Abuse

this paragraph was the most interesting one :)

Gamuda shares closed down one sen or 0.41% at RM2.42 today, with 12.32 million shares done, bringing a market capitalisation of RM6 billion. However, shares of MMC settled at RM1.14, up one sen or 0.89%, with 474,400 shares traded, valuing it at RM3.47 billion.

Posted by probability > 2018-10-17 19:06 |

Post removed.Why?

Posted by probability > 2018-10-17 19:14 |

Post removed.Why?

Posted by probability > 2018-10-17 19:15 | Report Abuse

that the machines are fit to run.

With tender, loving care, S776 is now reassembled at the Bandar Malaysia North launch shaft, which will eventually form part of the Bandar Malaysia North MRT station.

The Sungai Buloh-Serdang-Putrajaya or SSP Line will have 12 TBMs, eight of them refurbished in Malaysia at the Pusing-based facility which is the only one of its kind in the region.

“The refurbishment plant set up is a strategic move by MMC-Gamuda leading up to cost and time savings for the Government,” said Salehudin Md Shaarani, tunnelling manager with MGKT who started off his tunnelling career by working at the KTM Ipoh to Padang Besar double-tracking project (featuring two tunnels).

The cost savings are significant given the steep price of these sophisticated TBMs. In this regard, MRT project owner Mass Rapid Transit Corporation Sdn Bhd is also to be commended for its clear thinking in allowing refurbished TBMs to be used in the SSP Line. Not all project owners think alike, with some, such as Singapore’s Land Transport Authority, insisting on brand-new machines to be used for each tunnelling drive, no matter how short it is.

Even as the TBMs are being renewed, Malaysians are getting upskilled in ways they could not have imagined. Salehudin himself is a sterling example of the upskilling of locals who grew from knowing nothing about tunnelling to become someone so highly involved in managing tunnelling worksites.

Other than engineers like him, hundreds of technicians have now acquired the skills to work in any worksite in the world. Some did venture overseas to work in other tunnelling jobs, some stayed behind after being reassigned to other tasks, while the truly outstanding ones were “persuaded” by MGKT to return home to rejoin the team.

Another crucial piece of the puzzle in the creation of a tunnelling workforce is MMC-Gamuda’s Tunnelling Training Academy (TTA) at Shah Alam, which is considered another rarity in this region. Like a finishing school for underground construction workers, more than 1,000 Malaysians have already passed through its door. In fact, Salehuddin is a product of the TTA when he joined Gamuda as a young engineer.

After continuous exposure to underground work, he is now competent enough to pass on his knowledge to younger engineers and technicians. “Working underground is unlike other regular construction work. It is exciting in the sense that each new day may throw a new challenge at you. You will be stretched in ways you never imagined, but you end up wiser and more knowledgeable. Tunnelling cannot be learnt in classrooms or universities. It is a live subject that can only be learnt by people who are hungry and eager to learn,” he said.

The preparation of the tunnel launch shaft is a feat in itself, as Bandar Malaysia North station lies in an area filled with cavities, courtesy of weathered limestone in a geological formation known as karst. And Kuala Lumpur’s karst is the absolute worst kind for underground work as it is the most weathered grade of limestone.

To prepare the shaft, 190 of the 472 bored piles have been sunk in at the perimeter to create a stable and watertight rectangular box so that men and machinery can work safely. The shaft measures 128m wide, 28m long, and 20m deep, and within this tight space, pieces of the TBM had to be slowly lowered by gigantic cranes in order to be assembled before it starts boring.

While casual observers will just see Prime Minister Datuk Seri Najib Tun Razak pressing the button, engineering enthusiasts are cheering the restarting of S776 as it marks another important milestone in Malaysia’s journey towards the acquisition of deep knowledge about tunnelling.

S776 launch will be followed by another 14 launches over this year. Under the current work schedule, it will disappear underground until the last quarter of 2019. After tasting the convenience of rail, commuters who are wishing that Malaysia will speed up its MRT network expansion are surely hoping that S776 will not have to spend another four years in a workshop waiting for its next job.

Posted by probability > 2018-10-17 19:18 | Report Abuse

GIST WHICH I THINK IS DETRIMENTAL:
..................................

- Any delays in underground work could be difficult to remedy as the space is tight, and there is not much room to easily scale things up such as adding machinery like other kinds of construction work.

- Ubull admitted that MGKT’s competency in terms of managing its assets will be put to a gruelling test this year as both men and machinery will be worked to the hilt to excavate the 13.5km pair of twin tunnels – the longest ever rail tunnel in Malaysia that passes through at least seven (known or inferred) treacherous geological fault zones, each of them capable of throwing a spanner in the smooth journey of any tunnelling programme, no matter how experienced the contractor is.

- it marks another important milestone in Malaysia’s journey towards the acquisition of deep knowledge about tunnelling.

- will not want it to spend another four years in a workshop waiting for its next job.

Posted by probability > 2018-10-17 19:32 | Report Abuse

MRT Malaysia- The world's first Variable Density Tunnel Boring Machine

https://www.youtube.com/watch?v=zRmczNZMxo8

very informative.

Posted by issac99289928 > 2018-10-17 19:40 | Report Abuse

the meeting about the tunnel project was held when LGE was abroad.IT means gamuda will get the project back as predicted.every new shareholders will have angbow soon.

Posted by Victor Yong > 2018-10-17 19:55 | Report Abuse

Gamuda and mmc's turn soon :)

LRT3 to proceed at RM16.6bil price tag
CONSTRUCTION
Wednesday, 17 Oct 2018

7:28 PM MYT
image:
KUALA LUMPUR: The Light Rail Transit Line 3 (LRT3) project has received the Government’s greenlight to continue at a total project cost of RM16.6bil, according to separate filings by Malaysian Resources Corp
Bhd (MRCB) and George Kent (M) Bhd
after the market closed on Wednesday.

Shares in the two companies shot up before the news broke out.



“Prasarana has via its letter dated Oct 16 to MRCB George Kent Sdn Bhd (MRCB-GK), informed that the Government has agreed to continue with the project at a total cost of RM16.6bil, including land acquisition costs, interest during construction and other costs,” the two companies said in the separate filings with Bursa Malaysia.



The companies said the implementation concept of the project will be remodelled from a project delivery partner (PDP) regime to a fixed price contract regime.

image:
Shares in MRCB surged 7.5 sen or 10.42% at 79.5 sen, with 84.23 million shares transacted. Most of the transaction were done during the last hour of trade.

Meanwhile, George Kent also saw a similar last-minute push as the stock ended 13 sen, or 12.9% higher at RM1.14.

Finance Minister Lim Guan Eng, in July, said that actual cost of the LRT3 had jumped to RM31.45bil, compared with its original construction cost of RM9bil in 2015 when the PDP contract was awarded to MRCB-GK.

Read more at https://www.thestar.com.my/business/business-news/2018/10/17/lrt3-to-proceed-at-half-the-cost/#2emfWV8xrHW8wlDR.99

Posted by probability > 2018-10-17 20:15 | Report Abuse

For very comprehensive information of the project:

BBC Documentaries- MRT Malaysia Urban Diggers - National Geographic

https://www.youtube.com/watch?v=j-bRGLVZPlY

Government has to be 'nuts' to cancel it halfway and give it to another bidder.

Posted by TKP9966 > 2018-10-17 20:32 | Report Abuse

Tmr this counter will fly as many will buy based on the LRT3 case..

Posted by EST85 > 2018-10-17 20:43 | Report Abuse

https://m.facebook.com/story.php?story_fbid=758415404514337&id=491449334544280

Hope same result like Gkent and Mrcb.

Posted by Victor Yong > 2018-10-17 20:50 | Report Abuse

cut the cost so much but the share price has risen a lot also :)

KUALA LUMPUR (Oct 17): MRCB George Kent Sdn Bhd said today the government has agreed to continue with the Light Rail Transit Line 3 (LRT3) project at a cost of RM16.6 billion – almost half or 47% of the earlier cost of RM31.45 billion in July.

This includes land acquisition costs, interests during construction and other costs.

"The implementation concept of the project will be remodelled from a project delivery partner (PDP) regime to a fixed price contract regime," Malaysian Resources Corp Bhd (MRCB) and George Kent (Malaysia) Bhd said in separate filings with Bursa Malaysia today.

In-page MRec

They added that further announcement to Bursa will be made as and when there is a material development in relation to the project.

On July 10, Finance Minister Lim Guan Eng revealed that the projected total cost of LRT3 had spiralled to a whopping RM31.45 billion, blaming it on Prasarana Malaysia Bhd’s poor management. The original estimate when the project was launched in 2015 was RM9 billion.

He also revealed that Prasarana had sought an additional financing of RM22 billion in the form of government guarantees on March 30, on top of the initial RM10 billion granted in 2015 to finance the project.

Guan Eng had then called for a drastic cost reduction to make the project feasible and cost-effective.

On July 12, Guan Eng said the government had agreed that the project would continue, but at a much lower cost of RM16.63 billion and a reduced size.

The 37km line will connect Bandar Utama in Petaling Jaya to Johan Setia in Klang.

In April 2017, Prasarana announced that the MRCB George Kent joint venture (JV) was selected as the PDP for the LRT3 project, beating six other tenderers.

The other tenderers considered at the final evaluation for the construction of rail project were IJM Corp Bhd, MMC Gamuda JV, Naza TTDI Sdn Bhd-CSR Zhuzhou Electric Locomotive Co Ltd JV, Sunway Construction Bhd, UEM Group Bhd and WCT-Alloy MTD JV.

MRCB shares closed up 7.5 sen or 10.42% at 79.5 sen, with 84.23 million shares done, bringing a market capitalisation of RM3.49 billion.

Posted by shareinvestor88 > 2018-10-17 20:52 | Report Abuse

Sell TP 1.00

Posted by MoneyAndHoney > 2018-10-17 20:55 | Report Abuse

volume picking up

Posted by KAQ4468 > 2018-10-17 20:55 | Report Abuse

WAAAAAAA

apa lu orang tampal iklan panjang panjang ...mau publish novel ka ??


All Google cut & paste


Kah kah kah

Posted by probability > 2018-10-17 21:01 | Report Abuse

The variable density tunneling machine is a "special equipment" fabricated for the special soil topology of Malaysia...

Of course, the contractor who had invested on this machine would expect good margins, for niche market based on their competitive advantage and the risk of not having continuous beneficial usage of the TBM in the future.

these has to be accounted on its margin

Just because another bidder could now offer executing the same contract with a reduced price (if it all they can), government should not make decision based on this.

The new desperate bidder could very well just wants to use their TBM to barely cover the cost of idling.

Koon had expressed it very aptly....which contractor would ever want to work with government in the future if they conveniently use the 'Termination of convenience" clause in their contracts?

..................................

I hope the government wakes up.

Posted by Victor Yong > 2018-10-17 21:12 | Report Abuse

EPF was dumping gamuda shares lately but no institutonal funds dump MMC shares after the baki bawah tanah projek MRT2 dibatalkan... :)



EMPLOYEES PROVIDENT FUND BOARD ("EPF BOARD") 12-Oct-2018 Disposed 2,161,100
EMPLOYEES PROVIDENT FUND BOARD ("EPF BOARD") 12-Oct-2018 Disposed 1,528,000

Posted by 1519378884747574 > 2018-10-17 21:18 | Report Abuse

Tmr is flyday

Posted by PotentialGhost > 2018-10-17 21:22 | Report Abuse

Fly your mom 凸凸

Posted by Victor Yong > 2018-10-17 21:58 | Report Abuse

just pray :)

KUALA LUMPUR (Oct 17): Finance Minister Lim Guan Eng said today that he will bring the matter of the termination of MMC Gamuda KVMRT (T) Sdn Bhd’s contract to build the underground portion of the Mass Rapid Transit Line 2 (MRT2) for further deliberation in the next cabinet meeting.

That's because the cabinet was the one to pull the plug on MMC Gamuda's underground work contract of the MRT2, he added.


KUALA LUMPUR (Oct 17): MRCB George Kent Sdn Bhd said today the government has agreed to continue with the Light Rail Transit Line 3 (LRT3) project at a cost of RM16.6 billion – almost half or 47% of the earlier cost of RM31.45 billion in July.

This includes land acquisition costs, interests during construction and other costs.

"The implementation concept of the project will be remodelled from a project delivery partner (PDP) regime to a fixed price contract regime," Malaysian Resources Corp Bhd (MRCB) and George Kent (Malaysia) Bhd said in separate filings with Bursa Malaysia today.

Posted by tokti > 2018-10-17 23:02 | Report Abuse

another falling day tomorrow..quickily make up a decision to cut price to continue...like Gkent above

Posted by tokti > 2018-10-17 23:02 | Report Abuse

another falling day tomorrow..quickily make up a decision to cut price to continue...like Gkent above

Posted by warren buntut > 2018-10-17 23:07 | Report Abuse

ya dow sinking 300, expect to sink 500 tonight. klse kaboom tomorrow

Posted by Flywheel > 2018-10-18 05:47 | Report Abuse

Next cabinet meeting shd be this Friday... get ready for potential good news release like lrt3...

Posted by apple168 > 2018-10-18 06:16 | Report Abuse

MRT 2 underground project was cancelled during cabinet meeting on 17/10/18. Do expect Gamuda limit down today!

Posted by micky92 > 2018-10-18 07:08 | Report Abuse

I thought no cabinet meeting yet...how MRT2 underground project cancel?

Posted by micky92 > 2018-10-18 07:09 | Report Abuse

I guess today is the day for the cabinet meeting...chances are???

Posted by Goh Kim Hock > 2018-10-18 07:14 | Report Abuse

No matter what is the outcome, Gamuda will no longer able to earn high profit margin from the govt tenders in the future.

Posted by EatCoconutCanWin > 2018-10-18 08:15 | Report Abuse

growth remain fragile as project in 50/50 condition. buy at own risk

Posted by shortinvestor77 > 2018-10-18 08:24 | Report Abuse

True. Now the high profit margin comes from its property arm, replacing construction, it takes turn. It is OK.

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

They is no official termination letter

Posted by titus > 2018-10-18 08:37 | Report Abuse

i agree gamuda may not be able to earn those high profits anymore. But gamuda is also not a alibaba company. They have their strength and expertise. At RM5, is damm overvalue. RM 3....fairly value, and now at 2.4, can say abit under value kua. Everything will have a price le. Just like a year 2015 5 series selling at 50K. It is a bargain loh. No doubt it is a 2nd hand. No doubt there is a new model of 5 series launched recently but the car should easily sell at 80K and now got ppl sell 50K, dun wan meh?

Posted by Cindybull > 2018-10-18 09:03 | Report Abuse

wah sapu cheap sales again

Posted by Cindybull > 2018-10-18 09:10 | Report Abuse

one of the stupid fool go and panic sell faster sapu..No news at all even got news no scare because fair value without mrt is 3.00

Posted by TKP9966 > 2018-10-18 09:13 | Report Abuse

yalor...create panic button only...hold on just

Posted by godhand > 2018-10-18 09:14 | Report Abuse

we all know its not possible to terminate this contract unless the new goverment is unable

Posted by TKP9966 > 2018-10-18 09:15 | Report Abuse

buy more to earn more..no worry :)

Posted by Cindybull > 2018-10-18 09:19 | Report Abuse

whoever this stupid guy who panic sell really want to thank him...people panic buy from him hahahah

Posted by Questions > 2018-10-18 09:22 | Report Abuse

LOL what is this panic sell about ? No news no shit panic sell

Posted by kalanlady > 2018-10-18 09:25 | Report Abuse

cheap sales, mega sales, ph sales, lets celebrate sales festival now...

Posted by Victor Yong > 2018-10-18 09:27 | Report Abuse

as I said yesterday, MMC is a safer bet than gamuda... no institutional funds e.g. EPF, tabung haji are selling MMC shares after the underground contract was terminated :)

Posted by godhand > 2018-10-18 09:30 | Report Abuse

victor u on drug? lol.

Posted by KAQ4468 > 2018-10-18 09:31 | Report Abuse

aiyaaaaaa


why red why red ????


project jalan ...should back to 3 ringgit


but ..but..but.. it's red


hihihihihh

Posted by kalanlady > 2018-10-18 09:34 | Report Abuse

ppl come ppl go, 245 ppl want sailang, now 239 can be more sailang >,,<

Posted by Victor Yong > 2018-10-18 09:36 | Report Abuse

EPF continued to sell, what do u expect? :(

Wednesday, 17 Oct 2018

5:19PM GAMUDA EMPLOYEES PROVIDENT FUND BOARD ("EPF BOARD") (3,689,100 units Disposed)

Posted by titus > 2018-10-18 09:36 | Report Abuse

I nibble abit more this morning......hehe......

Posted by KAQ4468 > 2018-10-18 09:38 | Report Abuse

aiyaaaaa...projek jalan pun kena bom ka

RIP ...amennnnnnn

Posted by godhand > 2018-10-18 09:42 | Report Abuse

ppl like u are like lalang

Posted by Victor Yong > 2018-10-18 09:42 | Report Abuse

@godhand, MMC is a safer bet, it has Gas Malaysia, Port & Power Plant... more steady :)

MMC Corporation Berhad - Ports Segment to Remain the Main Pillar of MMC’s Earnings
Date: 09/10/2018

Source : MIDF
Stock : MMCCORP Price Target : 1.32 | Price Call : BUY
Last Price : 1.14 | Upside/Downside : +0.18 (15.79%)

Back

INVESTMENT HIGHLIGHTS
Based on a statement by MoF, contract for underground portion of MRT2 cancelled and will be re-tendered through an international open tender
Value of above-portion contract reduced to RM17.4b after shifting to turnkey contractor basis
Stand a fair chance of winning the re-tender project
Earnings to be supported by the ports segment
Maintain BUY with a revised TP of RM1.32 per share MMC-Gamuda’s JV underground KVMRT2 contract cancelled off.