News In Brief: IJM-LFE joint venture to win RM840mil job

KUALA LUMPUR: April 14 (Bernama) IJM-LFE Joint Venture has received a letter of intent from Abu Dhabi-based Tamouh Investments LLC to construct Phase 1, Plot 1 Zone E2 Hotel Development at Al Reem Island for RM840mil.

The 70:30 joint venture between IJM Construction Sdn Bhd and LFE Engineering Sdn Bhd was required to commence the foundation and basement works on April 15, pending agreement on the terms and conditions of the contract, IJM said in a filing to with Bursa Malaysia.

"In the event the parties fail to enter into the contract, all works done shall be valued and reimbursed based on an agreed schedule of rates," IJM said. - Bernama