Gamuda Shares Rises During Early Trade After Securing RM2.69 Bln Marinus Link Project In Australia

KUALA LUMPUR, Dec 18 (Bernama) -- Gamuda Bhd’s shares rose at early trade today after its wholly owned Australian subsidiary, DT Infrastructure Pty Ltd, as part of the TasVic Greenlink joint venture with Samsung C&T Corporation, was jointly awarded the A$994 million (RM2.69 billion) Marinus Link project in Australia.

DT Infrastructure and Samsung C&T each hold a 50 per cent stake in the TasVic Greenlink joint venture.

At 10.13 am, the company’s shares edged up one sen to RM4.88 with a total of 1.70 million shares traded.

In a Bursa Malaysia filing yesterday, Gamuda said the Marinus Link is an infrastructure project connecting Tasmania and Victoria and is a critical component of Australia’s transition to clean energy, and Gamuda’s expected revenue amounts to A$497 million (RM1.34 billion).

It said the client, Marinus Link Pty Ltd, is a jointly owned entity backed by the Commonwealth of Australia (49 per cent), the Victorian government (33.3 per cent) and the Tasmanian government (17.7 per cent).

Meanwhile, Maybank Investment Bank Bhd said the contract win brings Gamuda’s financial year-to-date job wins to RM5.3 billion, or 21 per cent of its Financial Year 2026 estimates.

“We also expect the Marinus Link project to contribute RM47.1 million to core net profit, or 0.8 sen/share, over the project duration.

“Therefore, we maintained a ‘buy’ call on Gamuda with a target price of RM5.79 per share,” it said in a note today.

-- BERNAMA