MRCB-Theta Edge JV secures RM3.03 bil Penang Mutiara Line railway systems contract

PETALING JAYA (Aug 6): Malaysian Resources Corporation Bhd's (MRCB) 90:10 joint venture with Theta Edge Bhd has secured a RM3.028 billion contract from Mass Rapid Transit Corporation Sdn Bhd (MRT Corp) to deliver the railway systems for the Penang Mutiara Line LRT.

In a Bursa Malaysia filing on Thursday (Aug 6), MRCB said the unincorporated MRCB-Theta Edge JV had been appointed as the turnkey contractor for the engineering, procurement, design, construction, testing, commissioning and maintenance of the railway systems under Package STC.

The contract covers the supply and installation of electric trains, depot equipment, signalling and train control systems, automatic platform gates, trackwork, maintenance vehicles, power supply and distribution systems, railway supervisory control and data acquisition (SCADA) systems, a computerised maintenance management system, telecommunications and information technology systems, and the ticketing system.

The works are scheduled for completion within 68.8 months from the commencement date.

MRCB said the contract is expected to contribute positively to the group's future earnings.

The company said the project is subject to normal construction risks, including fluctuations in material and equipment prices, but added that it is well placed to mitigate these risks through its experience in delivering large infrastructure projects and its existing operational controls and procedures.

MRCB also said none of its directors, major shareholders or persons connected with them has any direct or indirect interest in the project.

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