Gamuda-MRCB, YTL-TH Properties receive letters of appointment for HSR project

PETALING JAYA: MRCB Gamuda Consortium, a consortium of Gamuda Bhd and Malaysian Resources Corp Bhd (MRCB), yesterday accepted a letter of appointment from MyHSR Corp Sdn Bhd to act as the project delivery partner (PDP) for the northern section of the Kuala Lumpur-Singapore High Speed Rail (HSR) project.
MyHSR also awarded a letter of appointment to YTL THP JV Sdn Bhd, a joint venture between YTL Corp Bhd's wholly owned subsidiary Syarikat Pembenaan Yeoh Tiong Lay Sdn Bhd and Lembaga Tabung Haji's wholly owned subsidiary TH Properties Sdn Bhd, for the PDP role for the southern section of the project.
The northern section is from the Bandar Malaysia station to the contract boundary, being the first standard viaduct pier on the south side of Malacca Station on "plain line track" beyond the station fan at chainage 200 366 from the international boundary.
Meanwhile, the southern section starts from the first standard viaduct pier on the south side of the Malacca station to the international boundary between Malaysia and Singapore.
"The PDP-north package project shall be novated to a PDP company known as MRCB Gamuda Sdn Bhd in due course for implementation purpose," Gamuda said in a stock exchange filing.
It said the breakdown of the total capital and investment outlay of both, Gamuda and MRCB in the PDP company will be according to their respective proportion of interest in the consortium, which is 50:50.
"The project is expected to contribute positively to the future earnings of Gamuda group. Gamuda plans to finance its portion of its investment in the PDP company through internally generated funds and/or borrowings."