Kuala lumpur: Ekovest Bhd's subsidiary Lebuhraya DUKE Fasa 2A Sdn Bhd has signed a concession agreement with the federal government to develop the Laluan Istana - Kiara Expressway (LIKE) with the estimated total construction cost of RM2.32 billion. 'The concession period shall be for a period of 54 years commencing from the effective date,' Ekovest said in a filing with Bursa Malaysia today.

According to BERNAMA News Agency, under the agreement, Ekovest would undertake the design and construction of LIKE as well as supply and install tolling and other equipment at the toll gantry/toll plaza. The company will manage, operate, and maintain the expressway during the concession period.

Ekovest will also have the right to demand, collect, and retain tolls for its own benefit from all vehicles liable to pay toll using LIKE during the pre-operating and operating periods.