By Khairie Hisyam
Civil engineering outfit Ekovest Bhd has inked a 53-year concession with Putrajaya to build and operate the third phase of the Duta-Ulu Kelang Expressway (DUKE), dubbed the Setiawangsa-Pantai Expressway (SPE), for roughly RM3.74 billion.
In a regulatory filing today, Ekovest said the agreement signed today grants it the right to design, build, maintain and collect toll for use of the expressway for 53 years and six months from the date of signing. The SPE is expected to be completed and operational by 2020.
“The SPE will be the first expressway in Malaysia to be designed to cater for full electronic tolling system and is envisaged to utilise the multi-lane free flow system upon its opening in 2020,” said Ekovest to Bursa Securities.
It intends to leverage on internal funds and borrowings to foot the construction costs, the company said. The concession agreement also requires the company to provide training and career opportunities to suitable young graduates and professionals, it said.
Speaking to reporters in January last year, Ekovest managing director Lim Keng Cheng said the SPE will pass through Setapak, Wangsa Maju, Setiawangsa, Ampang, the Tun Razak Exchange, Salak South, Seputeh and Kerinchi, among others.
At the noon bell, Ekovest was up 5 sen to RM1.25 per share.
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