KUALA LUMPUR: Gamuda Bhd’s board members have voted in favour of accepting government's offer to take over the firm’s partly-owned four highways.
The highways are Lingkaran Trans Kota Holdings Bhd (Litrak), Sistem Penyuraian Trafik KL Barat Holdings Sdn Bhd (Sprint), Kesas Sdn Bhd and Projek SMART Holdings Sdn Bhd.
“Board of Gamuda (save for Tan Sri Setia Ambrin Buang and Nazli Mohd Khir Johari had today deliberated on the proposed offers and has resolved to vote in favour of accepting offers,” the firm said in a filing to Bursa Malaysia.
Meanwhile, Gamuda has posted a lower net profit of RM176 million in the third quarter ended April, compared with RM206 million in the same period a year ago.
Its revenue was also lower at RM1.04 billion in the quarter than RM1.23 billion last year.
The firm’s overseas property projects, especially Vietnam, contributed about two-thirds of its property sales while lower earnings were mainly due to sale of Syarikat Pengeluar Air Sungai Selangor (SPLASH) last year.
Moving forward, Gamuda anticipates this year’s performance to be driven by overseas property sales especially Vietnam, the progress of Mass Rapid Transit Line 2 which continues to pick up pace, as well as steady earnings contribution from the expressway division.