Gamuda Bhd’s shares rose 2.52% to RM4.89 as of 4.36 pm, following the announcement of a major international contract in Australia.
The construction and infrastructure group saw trading volume reach 12.1 million shares, with the stock opening at RM4.76 and hitting a high of RM4.90 during the session.
The share price movement comes after Gamuda’s wholly-owned subsidiary, DT Infrastructure Pty Ltd (DTI), secured a contract valued at AU$994 million (approximately RM2.6 billion) for the Marinus Link project.
The contract, part of the Marinus Link Stage 1 – Balance of Works Package, was awarded to the TasVic Greenlink joint venture, a 50:50 partnership between DTI and Samsung C&T Corporation of South Korea.
Gamuda’s 50% stake in the joint venture is expected to contribute AU$497 million (around RM1.3 billion) in revenue over the five-year project, which is pivotal to Australia’s renewable energy transition.
The project involves building converter stations in Heybridge, Tasmania, and Hazelwood, Victoria, as well as civil works for a 90km underground cable and other onshore installation tasks. Work is slated to begin in early 2026.
The Marinus Link interconnector will strengthen electricity grid connections between Tasmania and Victoria, facilitating the flow of renewable power, particularly hydropower, to the mainland.
The project is backed by Marinus Link Pty Ltd, a joint venture of the Commonwealth of Australia, Victorian Government and Tasmanian Government.
Gamuda’s share performance today reflects investor optimism over the company’s expansion into international renewable energy infrastructure and its long-term revenue potential.
