GEORGE TOWN: Two more interested parties have stepped up to rescue the embattled RM6.3 billion Penang undersea tunnel and roads project after its builders have opened themselves up for restructuring.
Sources told FMT that a Pahang-based mining and construction company, and a Kuala Lumpur-based engineering firm has also thrown their hat in the ring.
The Pahang based company is said to be teaming up with a former federal minister in the project. The KL-based firm is also a familiar party who has done work for the project before.
The two companies will now join Kedah-based developer Khor Eng Chuen in vying for the project. Khor and the Pahang-based construction company have met the Penang government to present their plans recently, sources said.
On Wednesday, the main contractor for the project, Consortium Zenith Construction (CZC), said it was going through a corporate restructuring to ensure their contract was delivered “efficiently” and would present its plans to the Penang government.
Zenith Construction Sdn Bhd (ZCSB) has a controlling stake in CZC. In turn, ZCSB is held by Vista Lestari Development Sdn Bhd, whose substantial stakeholder is Zarul Ahmad Mohd Zulkifli, who is a senior executive director of CZC.
The undersea tunnel and roads project was mooted by the Penang government. It said the project would alleviate traffic on the first bridge and cut down traffic at other congested corridors on the island.
The 7.2km undersea tunnel is to be built from George Town to Butterworth if feasibility studies come back positive. Three bypass roads are also to be built: from Air Itam to the Tun Dr Lim Chong Eu Expressway (5.7km), Tanjung Bungah to Teluk Bahang (10.53km) and Gurney Drive to Tun Dr Lim Chong Eu Expressway (4.1km).
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