Date : 05 April 2018

OTHERS KUALA LUMPUR-SINGAPORE HIGH SPEED RAIL PROJECT (KL-SG HSR PROJECT)

MALAYSIAN RESOURCES CORPORATION BERHAD

Type Announcement
Subject OTHERS
Description
KUALA LUMPUR-SINGAPORE HIGH SPEED RAIL PROJECT (KL-SG HSR PROJECT)

BACKGROUND INFORMATION

Referring to our announcement on 28 November 2017 pertaining to the joint participation in the tender for the appointment of the Project Delivery Partner (“PDP”) for the KL-SG HSR project through a 50:50 consortium known as Malaysian Resources Corporation Berhad and Gamuda Berhad (“Gamuda”) consortium (“MRCB Gamuda Consortium”) formed by the Company with Gamuda.

Malaysian Resources Corporation Berhad (“MRCB” or the “Company”) is pleased to announce that the MRCB Gamuda Consortium has received a Letter of Intent (“LoI”) from MyHSR Corporation Sdn Bhd (“MyHSR Corp”) on 5 April 2018, informing the MRCB Gamuda Consortium of MyHSR Corp’s intention to award the PDP Package 1 (North) from Kuala Lumpur to the state border between Melaka and Johor (“the Project”) to the MRCB Gamuda Consortium.

 

INFORMATION ON THE PROJECT

The terms of the PDP Package 1 agreement shall be mutually agreed upon by both parties within 3 weeks from the date of the LoI, failing which, MyHSR Corp shall have the right to terminate the LoI.

A company will be incorporated by the MRCB Gamuda Consortium to undertake the Project.

The breakdown of the total capital and investment outlay of MRCB and Gamuda will be according to their respective proportion of interest in the company i.e. 50:50.

 

FINANCIAL IMPACT

The Project will not have any significant effect on the earnings and net assets of the MRCB Group for the financial year ending 31 December 2018. However, it is expected to contribute positively to the future earnings of MRCB Group.

The Company plans to finance its portion of investment in the company through internally generated funds and/or borrowings.

 

DIRECTORS’ AND MAJOR SHAREHOLDERS’ INTERESTS

None of the Directors and/or major shareholders of the Company and/or persons connected with them, has any interest, direct or indirect, in the Project.

MRCB will make the necessary announcement to Bursa Malaysia Securities Berhad (“Bursa Malaysia”) in relation to the Project, as and when required pursuant to the Main Market Listing Requirements of Bursa Malaysia.

 

 

This announcement is dated 5 April 2018.

 






Announcement Info

Company Name MALAYSIAN RESOURCES CORPORATION BERHAD
Stock Name MRCB
Date Announced 05 Apr 2018
Category General Announcement for PLC
Reference Number GA1-05042018-00113