JERMENT HOUSE HONG KONG.
HKA 182/3
PRESS RELEASE
WED 06 MAY 92 10:30
CONFIDENTIAL
PG.02
File
To be released by Mang
Kary fovernment 0500 IST, ?_" CMOS PS
Tsing Ma Bridge Contract To Be Awarded
Thapy:
The Government has decided to award the contract for the
construction of the Tsing Ma Bridge to the Anglo-Japanese
Construction Joint Venture. The consortium's fixed price
lump sum offer of $7,144m has been accepted by the
Government on the advice of Central Tender Board, subject
to adequate funds being паде available by Finance
Committee.
"The Anglo-Japanese consortium has submitted the lowest
acceptable tender and is the clear winner on the basis of
price, reliability for completion on time, and conformity
with our specifications," said Mr K.Y.Yeung, Secretary for
the Treasury and chairman of the CTB.
"The $7,144m price is fixed in money of the day terms.
This is within our $7,186m money of the day equivalent of
the amount we have allowed for the Tsing Ma Bridge in the
Lantau Fixed Crossing project estimate approved by Finance
Committee last July. That amount, at March 1991 prices, was
$5,197m.
PS/Mh Goebbest
PS/Mr Patte
Sir J Coles
Mr Burns
Mr Cornish
News I
Mr Mall PET
tichette
6/5
"We have not accepted the lowest of the four tenders
for the project. This amounted to $4,713m and was submitted
by Hyundai Engineering and Construction Co Ltd. It has not
been accepted primarily because Hyundai has not been able
to meet our standard requirements for working and employed
capital.
"These capital requirements are a prerequisite before
the award of any Government contract. They are needed to
avoid the risk of a company failing to complete a contract
because it runs short of funds.
No comments yet.
Private notes are available after approval.