Signing of documents between MRCB-Gamuda and MyHSR cancelled

KUALA LUMPUR (June 1): The signing of documents between the MRCB-Gamuda consortium and MyHSR Corp Sdn Bhd scheduled for today will not take place following the cancellation of the Kuala Lumpur-Singapore high-speed rail (HSR) project.

This was confirmed in separate filings to Bursa Malaysia yesterday by Malaysian Resources Corp Bhd (MRCB) and Gamuda Bhd.

The two companies said they received a letter yesterday from MyHSR Corp informing them that following the cancellation of the HSR by the Malaysian government, all further negotiations on the articles of agreements, conditions of contract and annexures will be suspended.

As a result, the signing of the documents slated for today will not take place, they said.

The consortium was selected as the project delivery partner for the northern section of the HSR project, from the Bandar Malaysia station to Melaka.

On Monday, Prime Minister Tun Dr Mahathir Mohamad announced that the RM110 billion HSR project has been cancelled as it would not be beneficial for the country to undertake it.

MRCB's share price closed up 2 sen or 3.5% to 59 sen yesterday, while Gamuda shares rose 16 sen or 5.03% to close at RM3.34. — theedgemarkets.com

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