Business News

Published: Saturday February 2, 2013 MYT 12:00:00 AM
Updated: Wednesday April 17, 2013 MYT 12:36:37 AM

Malaysian SPV in RM2.4bil Bangladesh project

KUALA LUMPUR: A special purpose vehicle (SPV) comprising two Malaysian companies would be formed to undertake a RM2.4bil development project in Bangladesh.

Special Envoy to India and South Asia, Datuk Seri S. Samy Vellu, said the SPV would sign two memoranda of agreement; one with the Bangladeshi government and another with the related companies in Bangladesh.

The project will see the construction of 140 blocks of 16-storey flats in Uttara, a suburb north of Dhaka, Bangladesh's capital.

“We have identified the two companies. Within the next two to three months, we would be signing the memoranda,” Samy Vellu told Bernama.

He also said the final round of discussions on the RM6.6bil Padma multi-purpose bridge project, was being held in Bangladesh.

“We expect a very favourable answer soon,” Samy Vellu said.

On India, he said Malaysia was currently in the final stage of submitting drawing plans to develop a 40.5ha land in Andra Pradesh into a full-fledged town.

If the proposals were approved, Samy Vellu said, the project valued at RM3bil would be a milestone for Malaysian contractors.

“I have spoken to India's Minister of Housing and Urban Poverty Alleviation. He was very interested with our plan and I am hopeful that it will be approved.”

Meanwhile, Samy Vellu said Malaysian contractors might also secure a 1,400km road construction project in South Sudan.

He said the project would connect the nation's capital, Juba, with Ethiopia and Djibouti. - Bernama

Tags / Keywords: News, Business, Business, property, malaysia, bangladesh

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