MRCB inks new MoU on Bandar Malaysia transport terminal

PETALING JAYA: Malaysian Resources Corp Bhd (MRCB) last Friday announced that it had entered into a new non-binding memorandum of understanding (MoU) with RM2 company Wondrous Vista Development Sdn Bhd and Bandar Malaysia Sdn Bhd (BMSD) to collaborate on developing an integrated transport terminal at Bandar Malaysia.

BMSD is the 100% shareholder of Omega Cartel Sdn Bhd, which is the registered owner of the 486 acres of land at Bandar Malaysia.

Interestingly, Wondrous Vista, which was incorporated just over a year ago, lists former Khazanah Nasional Bhd executive Mohammed Rashdan Mohd Yusof as well as Encorp Bhd’s independent non-executive director Datuk Feroz A.S. Moidunny as its directors.

Mohammed Rashdan was also previously the deputy group CEO of Malaysian Airline System Bhd, the operating company of Malaysia Airlines, prior to its restructuring in 2015. He also has links to Sarawak businessman Tan Sri Bustari Yusuf’s Cascara Sdn Bhd, which has a joint venture project with Eco World Development Group Bhd.

The latest agreement is MRCB’s second, after an MoU for the same project, signed with IWH-CREC Sdn Bhd and Wondrous Vista in June 2016, lapsed. No reason was given for the earlier agreement's non-starter.

MRCB announced the lapse of the agreement on Jan 26, and the signing of the new agreement dated Jan 3, 2017, on Jan 27.

A 60-acre site has been earmarked for the development of the integrated transport terminal.The MoU will remain valid for six months or may be terminated at any time by mutual consent.