The Malaysian Reserve

Vizione’s JV company secures RM815m construction work

(Graphic By TMR)

By TMR

Vizione Holdings Bhd yesterday announced its joint-venture (JV) company Buildmarque Construction Sdn Bhd has been awarded a RM815 million bypass construction work in Penang from Consortium Zenith Construction Sdn Bhd (CZC).

Buildmarque, a 50:50 JV company with Vertice Construction Sdn Bhd, has been tasked to construct a bypass from Bandar Baru Ayer Itam to Lebuhraya Tun Dr Lim Chong Eu.

It is part of the Package 2 of Penang mega infrastructure project, the company told Bursa Malaysia yesterday.

The company said it received the letter of award from CZC yesterday.

“The contract sum for the awarded project (excluding the Sales and Services Tax) shall be approximately RM815 million, subject to final agreed quantity re-measurement with CZC,” the company said.

The project is expected to be completed in 36 months from the commencement date, or from the date of issuance of the notice to proceed.

The bypass connecting Bandar Baru Ayer Itam to Lebuhraya Tun Dr Lim Chong Eu is close to the Penang Bridge.

The company said the bypass is proposed with several interchanges at Jalan Thean Teik, Lebuhraya Thean Teik, Jalan

Bukit Gambir, Jalan Sultan Azlan Shah and Lebuhraya Tun Dr Lim Chong Eu, which has a total length of 5.7km.

“This is a mega infrastructure project in Penang which Vizione is delighted to participate in.

“It further enlarges the group’s orderbook and is expected to provide a steady stream of revenue for the group over the next three financial years, it said. — TMR