News

Ekovest Berhad wishes to announce that our wholly-owned subsidiary, Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd (“Kesturi”), has on 14 January 2015 received a letter from the Public Private Partnership Unit, Prime Minister’s Department approving in-principle the Proposed Privatisation of the Duta-Ulu Kelang Expressway Phase-3 (“DUKE Phase-3”). The proposed privatisation of DUKE Phase-3 is subject to further negotiation to finalise its technical and financial terms and conditions. 

The proposed alignment of DUKE Phase-3, measuring approximately 35 kilometres, will traverse north to south of Kuala Lumpur and will serve areas such as University Tunku Abdul Rahman, Wangsa Maju, Setiawangsa, Ampang, the Tun Razak Exchange & Bandar Malaysia development corridor and Kerinchi. The DUKE Phase-3 is expected to provide an alternative route for road users with improved and more efficient traffic dispersal system in and around Kuala Lumpur city centre to complement and relief peak hour congestion on existing arterial roads and expressways along its proposed alignment. The DUKE Phase-3 is also expected to improve connectivity with existing expressways and public rail transportation system such as the KTM Komuter, LRT and MRT lines and providing a holistic land transport system to support the development and modernisation of Greater Kuala Lumpur. 

A special purpose vehicle under Nuzen Corporation Sdn Bhd, the immediate holding company of Kesturi and a wholly-owned subsidiary of Ekovest, will be incorporated to undertake the DUKE Phase-3. The project cost of the DUKE Phase-3 is estimated to be RM3.57 billion and is expected to be financed via a combination of internally generated funds, borrowings and/or other fund raising exercise, subject to the finalisation of the DUKE Phase-3 technical and financial terms and conditions.

Ekovest will make the appropriate announcement to Bursa Malaysia as and when there is a material development in relation to the DUKE Phase-3.

This announcement is dated 15 January 2015.