Ekovest Unit Inks 54-Year Federal Govt Concession Deal To Develop RM2.32 Bln Like Highway Project

KUALA LUMPUR, March 6 (Bernama) -- Ekovest Bhd’s subsidiary Lebuhraya DUKE Fasa 2A Sdn Bhd has signed a concession agreement with the federal government to develop the Laluan Istana – Kiara Expressway (LIKE) with the estimated total construction cost of RM2.32 billion.

“The concession period shall be for a period of 54 years commencing from the effective date,” Ekovest said in a filing with Bursa Malaysia today.

Under the agreement, Ekovest would undertake the design and construction of LIKE as well as to supply and install tolling and other equipment at the toll gantry/toll plaza and manage, operate and maintain the same on the LIKE during the concession period.

“It would also allow Ekovest to demand, collect and retain toll for its own benefit from all vehicles liable to pay toll using the LIKE during the pre-operating period (if any) and operating period,” it added.

-- BERNAMA