MRCB’s MoU with IWH CREC lapses

KUALA LUMPUR (Jan 27): Malaysian Resources Corp Bhd’s (MRCB) memorandum of understanding (MoU) with Wondrous Vista Development Sdn Bhd and IWH CREC Sdn Bhd to collaborate with each other to develop an integrated transportation terminal in Bandar Malaysia has lapsed.

“MRCB wishes to announce that the MoU has lapsed and ceased to have any further effect,” the group said in a filing with the stock exchange yesterday.

IWH CREC is a 60:40 joint venture between Iskandar Waterfront Holdings Sdn Bhd and China Railway Engineering Corp (CREC).

CREC owns a 60% stake in Bandar Malaysia Sdn Bhd, the master developer of Bandar Malaysia, which it acquired from 1Malaysia Development Bhd on Dec 31, 2015. The remaining 40% stake in Bandar Malaysia is held by the Ministry of Finance Inc.

It was reported last year that the transportation hub in Bandar Malaysia would serve as the terminus for the proposed Kuala Lumpur to Singapore high-speed rail service, and also as a central transportation hub for mass rapid transit lines, KTM Komuter, Bus Rapid Transit and Express Rail Link.

This article first appeared in The Edge Financial Daily, on Jan 27, 2017. Subscribe to The Edge Financial Daily here.