07-MAY-1992 18:27
BRITISH TRADE COMM
Media Relations Division
New Airport Project Co-ordination Office
Press Release
For issue on 7 May 1992, 12:00 noon
Tsing Ma Bridge Contract To Be Avarded
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 son offer of $7,144m has been accepted by the Government on the advice of Central Tender Board, subject
adequate funds being made available, by Finance
to
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.
"ake. $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 $5,197.
"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 .
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