MRCB shares up despite EDL toll abolishment from govt

PETALING JAYA: Malaysian Resources Corp Bhd’s (MRCB) share price rose 5.83% this morning despite uncertainty surrounding Prime Minister Datuk Seri Najib Abdul Razak's announcement last Friday that the toll for the Eastern Dispersal Link (EDL) highway would be abolished from 2018.
As at 10.57am, MRCB stood at RM1.09 with 19.49 million million shares changing hands. It is the 10th most active stock on Bursa Securities and the 27th gainer on the local bourse.
In a filing with Bursa Malaysia last Friday, MRCB said it will make the necessary announcement on the EDL, upon receipt of further details from the government.
The 8.1km expressway links the Pandan interchange at the southern end of the North-South Highway to the new Customs, Immigration and Quarantine (CIQ) complex, or known as Bangunan Sultan Iskandar, in Bukit Chagar Johor Baru.
MRCB considers the EDL concession a non-core asset and has been looking to dispose of it to relieve a debt burden which makes up about 36% of its total debt.