KUALA LUMPUR: GAMUDA BHD [] and MMC CORPORATION BHD [] have teamed up to bid for the underground works package of the multi-billion ringgit Klang Valley Mass Rapid Transit project.

In separate filings on Wednesday, June 15, Gamuda and MMC Corp said they had signed a joint venture agreement whereby they would bid to pre-qualify and tender for the tunnelling, underground and such other works. Each company would have a 50% stake in the joint venture.

The unincorporated joint venture is called MMC Gamuda KVMRT(T) Joint Venture.

'The breakdown of the total capital, investment outlay and the eventual issued and paid-up capital of the joint venture will be according to the proportion of interest of each party and could only be determined when the joint venture is successfully awarded the underground works package of the project,' they said.

Gamuda and MMC Corp said the companies planned to finance their respective portions of investments in the joint venture via their own funds and/or borrowings.