Gamuda, MRCB tie up for high-speed rail project

KUALA LUMPUR • Malaysian infrastructure developer Gamuda and its partner Malaysian Resources Corporation (MRCB) have been appointed project delivery partner (PDP) for the northern package of the Singapore-Kuala Lumpur highspeed rail project.

Gamuda said yesterday the consortium had accepted a letter of appointment from MyHSR Corporation (MyHSR Corp) for the northern section, from Bandar Malaysia station here to the contract boundary, which is the first standard viaduct pier on the south side of Melaka station.

MyHSR Corp is Malaysia’s umbrella group tasked with delivering the HSR project.

The appointment is subject to the joint venture submitting a commitment bond for RM5 million (S$1.7 million) and corporate guarantees by Gamuda and MRCB in favour of MyHSR Corp within 14 days.

Gamuda said the PDP-north package project would be novated to a PDP company known as MRCB Gamuda in due course for implementation purposes.

“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, that is 50:50,” it said.

Gamuda said the project will not have any significant effect on its earnings and net assets for the financial year ending July 31. However, it is expected to contribute positively to the future earnings of Gamuda Group.

Meanwhile, the southern portion’s PDP will be the consortium of Syarikat Pembenaan Yeoh Tiong Lay and TH Properties.

The PDPs will be responsible for designing and delivering the civil works for the HSR project at an agreed cost and schedule.

THE STAR/ASIA NEWS NETWORK

A version of this article appeared in the print edition of The Straits Times on May 03, 2018, with the headline 'Gamuda, MRCB tie up for high-speed rail project'. Print Edition | Subscribe