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Categories
| Puncak signs MoU to bid for Kimanis |
| Business & Market 2009 | |||
| Written by Nadia S Hassan | |||
| Monday, 02 March 2009 22:04 | |||
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Puncak Niaga said the three companies would form the STX-PNBH-PKMS consortium in order to jointly participate in a pre-qualification of contractors for the engineering, procurement, construction and commissioning (EPCC) of the project. In November last year, Petronas Gas signed a shareholders’ agreement with Yayasan Sabah to develop a 300MW gas-powered plant in the Papar district, with the former holding a 60% stake in the joint venture. According to reports, the Kimanis power plant project is expected to be worth some RM900 million and would capitalise in the gas resulting from the Sabah-Sarawak Integrated Oil and Gas Projects. As for Puncak’s rationale for entering into the agreement, the company said: “The MoU is synergistic with Puncak’s business expansion plans to explore potential utilities projects in Sabah.” Puncak would hold a 30% equity stake in the consortium, while STX would lead with a 60% stake. PKM would hold the remaining 10% stake. According to its website, STX’s business sectors encompass diesel engines, shipbuilding, offshore business and industrial plant business. The company posted a turnover and net income of 642.3 billion won (RM1.56 billion) and 26.4 billion won respectively according to its 2007 annual report. If the consortium were to be awarded the project, STX would be responsible for the EPCC portion, while Puncak would undertake the civil and structural, land reclamation and infrastructural works. PKM would be tasked with general construction along with civil and structural works.
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