Gamuda, MRCB receive HSR termination letters

PETALING JAYA: The Malaysian government has issued termination letters with regard to the scrapping of the multi-billion ringgit Kuala Lumpur-Singapore High Speed Rail (HSR) project despite not having concluded talks with Singapore.
Gamuda Bhd and Malaysian Resources Corp Bhd (MRCB) told Bursa Malaysia that they had on May 31 received the cancellation letter from MyHSR Corp Sdn Bhd with suspension on any further negotiations.
“Consequently, the signing of the articles of agreements and conditions of contract scheduled on June 1, 2018 will no longer take place.” Meanwhile, YTL has yet to announce the project termination.
Gamuda-MRCB consortium was appointed as the project delivery partner for the northern section of the HSR project, while the southern section was given to the joint venture of YTL Corp Bhd and TH Properties Sdn Bhd.
Shares of Gamuda, MRCB and YTL rebounded yesterday to close 5%, 3.5% and 2.2% higher at RM3.34, 59 sen and 95 sen, respectively.