MRCB signs new MoU to develop Bandar Malaysia transport hub

Balik Raya-KL Sentral Station, 04/07/2016

KUALA LUMPUR: Malaysian Resources Corp Bhd (MRCB) has inked another memorandum of understanding (MoU) to develop an integrated transportation terminal at Bandar Malaysia, Kuala Lumpur. 

Wondrous Vista Development Bhd continues to be a joint signatory, but the third partner now is Bandar Malaysia Sdn Bhd.

Under the original MoU to develop the hub, IWH CREC Sdn Bhd -- a joint venture between Iskandar Waterfront Holdings Sdn Bhd (IWH) and China Railway Group Ltd -- was the third partner.

The original MoU, signed in June last year, has lapsed.

The latest non-binding MoU, which was signed on Jan 3, would also have a validity period of six months, MRCB said in a filing with Bursa Malaysia. The agreement, however, may be terminated at any time by mutual consent.

Bandar Malaysia Sdn Bhd is the 100% shareholder of Omega Cartel Sdn Bhd, which in turn is the registered owner of the 486 acres of land at Bandar Malaysia.

Under the agreement signed in June last year, Minister of Finance Inc would own 40% in Bandar Malaysia Sdn Bhd and the rest by IWH CREC Sdn Bhd. It is not known whether the shareholding structure remains.

MRCB said 60 acres had been earmarked for the purpose of an integrated transportation terminal.