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Thursday, 12 July 2018 | MYT 10:23 AM

George Kent, MRCB shares up on LRT3 go-ahead

KUALA LUMPUR: Shares of George Kent (M) Bhd and Malaysian Resources Corp Bhd (MRCB) climbed in early trade on news the 37-km long light rail transit  (LRT) 3 project would go ahead.

At 10.16am, George Kent was up four sen to RM1.03 with 6.94 million shares done.

MRCB added one sen to 59 sen. There were 3.63 million shares traded.

The FBM KLCI fell 1.01 points or 0.06% to 1,687.7. There were 220 gainers, 255 losers and 267 counters unchanged. Turnover was 617.49 million shares valued at RM305.21mil.

Finance Minister Lim Guan Eng said the Cabinet gave its approval during the meeting on Wednesday and the final cost will enable Malaysians to save a total of RM15.02bil. 

The completion date for the LRT 3, stretching from Johan Setia (Klang) to Bandar Utama (Petaling Jaya), was extended from 2020 to 2024 to further reduce construction cost which was inflated.

The construction of the LRT3 project will be restructured from a project-delivery-partner (PDP) model to a “fixed price contract” with the joint venture of MRCB and George Kent, he said.

“This will ensure that the price will be fixed and will not be subject to cost overruns. The details of this contract will be disclosed at a later stage,” he added.