The contract was awarded to Gamuda’s wholly-owned unit, SRS TC Sdn Bhd.

Under the contract, SRS TC will be responsible for the design, management, construction, and completion of the 1,260-acre Island A.

Gamuda Engineering Sdn Bhd, another wholly-owned subsidiary of Gamuda, will carry out the Phase 1 reclamation works as subcontractors.

Silicon Island Development Sdn Bhd, a 70%-owned subsidiary of Gamuda, is the project developer for the 2,300-acre PSI.

The remaining shares are owned by PIC PD Sdn Bhd, an entity owned by the Penang government.

The project development agreement between the Penang government and Silicon Island, signed in March, grants the project developer the sole right to finance, manage, and undertake the development of Island A.

They also have the exclusive right to award contracts for the design, construction, and completion of Island A, common infrastructure, the Pan Island Link Phase 2A, and the Airport Link to the turnkey contractor, SRS TC.

“The project developer is required under the project development agreement to award the full scope of Island A works on a turnkey basis which includes Reclamation of Island A measuring 2,300 acres, Common Infrastructure works for Island A and Highway PIL2A (TC Works) to SRS TC Sdn Bhd, a wholly-owned subsidiary of Gamuda,” the filing read.

The PSI project was scaled down from three islands to one following the state’s consultation with the federal government.

The reclamation cost for the PSI is estimated at RM6 billion, while the cost of common infrastructure is estimated at RM2.5 billion.

At market close today, Gamuda’s share price was up three sen or 0.71% at RM4.25, giving it a market capitalisation of RM11.31 billion.