Date : 02 May 2018

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

MALAYSIAN RESOURCES CORPORATION BERHAD

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

Introduction

Malaysian Resources Corporation Berhad (“MRCB” or ‘the Cmpany”) is pleased to announce that MRCB Gamuda Consortium has today been appointed as the Project Delivery Partner for the Works for the northern section of the Kuala Lumpur-Singapore High Speed Rail (“PDP-North Package”) by MyHSR Corporation Sdn Bhd (“MyHSR”).

 

Background Information

Further to our announcement on 5 April 2018 on the Letter of Intent issued by MyHSR, MRCB is pleased to announce that MyHSR, via its letter dated 2 May 2018 (“Letter of Appointment”) has appointed MRCB Gamuda Consortium as the PDP-North Package.

 

Salient Terms

Among the salient terms spelt out in the Letter of Appointment include the following:

1.  The area for the PDP-North Package is from Bandar Malaysia Station to the Contract Boundary which has been defined as being the first standard viaduct pier on the south side of Melaka Station

2.  The appointment of MRCB Gamuda Consortium as the PDP-North Package is conditional upon the submission of the following to MyHSR within 14 days from the date of the Letter of Appointment:

  • Commitment Bond in the amount of RM5 million
  • Corporate Guarantee to be issued by the parent company of each member of MRCB-MRCB Gamuda Consortium

 

Upon acceptance of the Letter of Appointment, as the PDP for the PDP-North Package, a binding contract is created and both parties i.e. MyHSR and MRCB Gamuda Consortium will agree and execute the Articles of Agreement which will incorporate all the terms of the appointment as PDP-North Package by 1 June 2018.

 

PDP Company

The PDP-North Package shall be novated to a PDP company known as MRCB Gamuda Sdn Bhd in due course for implementation purposes.

 

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.

 

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 2 May 2018.

 






Announcement Info

Company Name MALAYSIAN RESOURCES CORPORATION BERHAD
Stock Name MRCB
Date Announced 02 May 2018
Category General Announcement for PLC
Reference Number GA1-02052018-00108