Kuala lumpur: Gamuda Bhd's shares experienced an increase during early trade following the announcement that its wholly owned Australian subsidiary, DT Infrastructure Pty Ltd, as part of the TasVic Greenlink joint venture with Samsung C and T Corporation, secured the A$994 million (RM2.69 billion) Marinus Link project in Australia.

According to BERNAMA News Agency, DT Infrastructure and Samsung C and T each hold a 50 percent stake in the TasVic Greenlink joint venture. At 10.13 am, Gamuda's shares rose by one sen to RM4.88, with 1.70 million shares traded.

In a filing with Bursa Malaysia yesterday, Gamuda stated that the Marinus Link is an infrastructure project designed to connect Tasmania and Victoria, playing a crucial role in Australia's transition to clean energy. Gamuda's anticipated revenue from this project is A$497 million (RM1.34 billion). The client, Marinus Link Pty Ltd, is a jointly owned entity supported by the Commonwealth of Australia (49 percent), the Victorian government (33.3 percent), and the Tasmanian government (17.7 percent).

Meanwhile, Maybank Investment Bank Bhd noted that this contract win elevates Gamuda's financial year-to-date job wins to RM5.3 billion, accounting for 21 percent of its Financial Year 2026 estimates. The bank also projected that the Marinus Link project would contribute RM47.1 million to core net profit, or 0.8 sen/share, over the project duration. Consequently, Maybank maintained a 'buy' call on Gamuda with a target price of RM5.79 per share.