KUALA LUMPUR - Shares of Berjaya Land, which has links to the family of Malaysia’s incoming king, jumped following a report that its unit is leading a consortium that is bidding for the high-speed rail (HSR) project between Kuala Lumpur and Singapore.

Shares of the hotel and gaming company reached the highest in almost three years after news organisation The Edge reported that the unit, Berjaya Rail, has teamed up with a group of Malaysian and foreign companies in submitting a proposal for the revived project.

Shares of Malaysian Resources, which is part of the consortium, and IJM, whose unit is also involved, advanced to the highest in four years.

Shares of Berjaya Land, part of a conglomerate controlled by Malaysian tycoon Vincent Tan, climbed as much as 25 per cent in early trade on Jan 26.

Berjaya Rail’s chairwoman is Tun Aminah Sultan Ibrahim, the daughter of Johor Sultan Ibrahim Iskandar, who will succeed Malaysia’s current king, Sultan Abdullah Ahmad Shah, on Jan 31 under the country’s rotational monarchy.

The Sultan of Johor has been pushing for the revival of the high-speed rail project, which was cancelled in 2021.

Ms Aminah is also the chairwoman of Berjaya Corporation, while Sultan Ibrahim has a direct stake in Berjaya Assets.

Shares of Berjaya Land’s parent, Berjaya Corporation, jumped 11 per cent, while Berjaya Assets climbed 6 per cent. Shares of other partners in the consortium also rose. Malaysian Resources climbed 10 per cent, while IJM advanced as much as 5 per cent.

The consortium also includes Malaysia’s national railway firm Keretapi Tanah Melayu, according to the report. Technical members include Hitachi Rail STS, Hyundai Rotem and DB Engineering & Consulting, the report said.

The proposed project will be fully funded by the private sector.

A spokesman from MyHSR, a Malaysian government agency overseeing the project, declined to comment when contacted by Bloomberg News.

It previously said seven consortiums had submitted bids for the high-speed rail project. BLOOMBERG