Kuala Lumpur, April 18 - Ekovest yesterday announces that its wholly-owned subsidiary, EkoRiver Construction Sdn Bhd had received the Letter of Award from DBKL for the appointment of ERCSB as the design and build contractor to undertake the “Blue River Project” in the vicinity of the River of Life Precinct 7 – Masjid Jamek Kuala Lumpur Zone.
The Project is for a period of eighteen (18) weeks and shall be completed before 30 August 2017.
The total contract value for the Project is RM79.0 million (excluding Goods & Services Tax) and the amount is inclusive of a five (5) years operations and maintenance period for the Project.
The appointment of ERCSB for the Project is expected to contribute positively to the future revenue and earnings of Ekovest Berhad and its subsidiaries
The Project is subject to construction risks in which the Ekovest Group are already exposed to. Nonetheless, the construction risks will be managed and mitigated with the experience and expertise of the Ekovest Group to complete construction projects.
Ekovest Bhd has a 60% stake in the joint-venture company that was appointed in 2011 as the project delivery partner for the River of Life project by the Government. Malaysian Resources Corp Bhd (MRCB) holds the remaining 40%.