Referring to the earlier announcement made in 2017, Gamuda has announced the proposed development of Island A
(“Project Development of Island A”) through the deployment of private sector capital without any recourse to the Penang State Government.
As per the previous announcement, both PSG and SRS Consortium Sdn Bhd agreed that the Project Development of Island A shall be implemented through a project development model via an entity to be incorporated between the nominees of PSG and PDP, respectively.
The Company now wishes to announce the execution of the Project Development Agreement between PSG and the Project Developer namely, Silicon Island Development Sdn Bhd in relation to the Project Development of Island A on 6 March 2023.
The Project Developer has been incorporated on 1 March 2023 with a total issued share capital of RM10.00 comprising 10 ordinary shares which will eventually be raised to RM1.0 million. The Board of Directors (“Board”) and shareholders of the
Project Developer are as follows: –
i. Board members:
➢ YBhg. Dato’ Seri Farizan bin Darus
➢ Mr. Szeto Wai Loong
Gamuda said to facilitate the implementation of the Project Development of Island A by the Project Developer, a supplemental agreement to the Master Agreement has been executed on even date to effect the Project Development of Island A via a project development model with PSG, through the Project Developer. In consideration of the Project Developer agreeing to provide all the finances, management, and skill necessary for the purpose of carrying out and completing the scope of works for the Project Development of Island A, PSG has granted to the Project Developer the sole, exclusive and full right to commence, manage, carry out and complete the Project Development of Island A, and to otherwise deal with, decide on and implement all aspects of the Project Development of Island A in compliance with law.
The components include the Project Development Master Planning including securing planning approvals and other approvals for the Common Infrastructure (including smart city features), investor marketing and land disposal of the reclaimed lands; and the design, construction and completion of Island A, Common Infrastructure (including smart city features), PIL 2A and Airport Link to be awarded to a turnkey contractor to be incorporated by SRS.
Gamuda said it will make the appropriate announcement to Bursa Securities as and when there is a material development in relation to the Penang Transport Master Plan.
