KUALA LUMPUR (Nov 28): Malaysian Resources Corp Bhd (MRCB) and Gamuda Bhd have partnered up to bid for the role of project delivery partner (PDP) for the Kuala Lumpur to Singapore High Speed Rail (KL-Singapore HSR) project.
Both parties had entered into an agreement today to set up an unincorporated consortium on a 50:50 basis to participate in the tender, MRCB and Gamuda said in separate filings with Bursa Malaysia.
“Upon securing the tender, the parties shall enter into a definitive agreement to further set out the rights and obligations of each party in relation to the project,” MRCB said.
The PDP tender was called upon by MyHSR Corp on Nov 22.
In a Nov 21 note, CIMB Research said Gamuda is seen as a strong contender, as it is the only local contractor with the relevant experience and skill set to manage a massive rail project.
Gamuda was the PDP for the Mass Rapid Transit (MRT) projects, while MRCB was appointed PDP of the light rail transit 3 (LRT3) with George Kent (M) Bhd two years ago.
Shares in MRCB closed up 1 sen or 1% at RM1.01 today, giving the group a market capitalisation of RM4.43 billion.
Meanwhile, Gamuda fell 8 sen or 1.7% to close at RM4.62, for a market capitalisation of RM11.34 billion.
