KUALA LUMPUR: Construction and property player Varia Bhd signed a memorandum of understanding (MoU) with Sungai Klang Link Sdn Bhd (SKL) for an elevated highway project.
This venture represents a strategic partnership aimed at harnessing Varia’s extensive construction expertise in the design, construction, operation, and management of this pivotal infrastructure development in the Klang Valley.
Varia managing director Datuk Benson Lau said this collaboration is a testament to the company’s commitment to enhancing Malaysia’s urban infrastructure and an opportunity to set new benchmarks in construction and design excellence.
“By combining our rich expertise in innovative construction solutions with our dedication to sustainable development, we are poised to deliver a project that will significantly ease traffic flow, improve connectivity, and contribute to the economic growth of the Klang Valley.
“We look forward to the positive changes this project will bring to the community and the environment,” he said in a statement.
SKL, a special-purpose vehicle company, has been actively engaged since 2019 in securing a concession agreement from the government for the right to build, manage, own, and operate the Sungai Klang Link elevated highway.
The highway, spanning approximately 52.5 kilometres along the Klang River, will integrate with existing highway networks through 7 interchanges, providing an essential alternative route for road users in the region.
The project has garnered substantial support from various government departments and local authorities and is now at an advanced stage of securing final approval from the government.
Varia, with its comprehensive portfolio of construction works and history of undertaking design and build projects, is uniquely positioned to contribute significantly to this venture.
SKL managing director Datuk Mohd Nazri Ismail, this partnership aligns with the company’s goal of improving the transportation network in the Klang Valley by offering an additional route to ease traffic congestion.
“Varia’s experience in managing significant infrastructure projects gives us confidence in the successful execution of this elevated highway.
“We anticipate this project will contribute positively to the urban infrastructure, supporting more efficient transportation options.
“Our combined efforts aim to address the current challenges in urban mobility and serve as a practical addition to the region’s infrastructure,” he said.
As of March 8, 2024, Varia’s share price was RM0.89, with a market capitalisation of RM371.1 million, while the company’s orderbook remained strong at RM1.1 billion.
