Posted on 26 Nov 2015
Masteel Presents Iskandar Rail Transit Network Plan To Rac
Malaysia Steel Works (KL) Bhd (Masteel) says it has met senior
management of Railway Assets Corporation (RAC) to present its town
planning scheme.
The scheme involves a piece of land in Kempas, Johor earmarked for the
construction of Masteel's proposed commuter train depot and other assets
as required by the Ministry of Transport, the company said in a filing
to Bursa Malaysia.
To recap, on June 17, 2015, KUB Director Datuk Mohd Hafarizam Harun
said the RM1.23 billion project would only kick off after going through
the investment committee stage, followed by the board's approval and a
proper joint-venture (JV) agreement, which will determine the equity
participation and business model.
In 2011, Masteel entered into a Head of Joint Venture Agreement with
KUB Malaysia Bhd to combine their capabilities and resources to
co-operate and collaborate with each other through a JV company,
Metropolitan Commuter Network Sdn Bhd, to pursue the rail transit
network project in the Iskandar Development Region.
"The parties are desirous of submitting a joint proposal for the
project to the government of Malaysia, pursuant to Bursa Malaysia
Securities Bhd's letter dated Aug 4, 2006," the company said.
