KTM and MMC in rail freight transport joint venture

An old KTM train passes the new train as its being unveiled to members of te media. AZHAR MAHFOF/The Star.

KUALA LUMPUR: Keretapi Tanah Melayu Bhd (KTM) and MMC Corp Bhd plan to set up a joint venture to undertake the business of rail freight transport and related businesses.

MMC Corp, whose businesses include ports and logistics, told Bursa Malaysia that the joint-venture company, KTMB MMC Cargo Sdn Bhd, would be owned 51% by KTM and the rest by MMC.

It said the breakdown of the total capital and investment outlay would be according to the proportion of interest of each party, which may only be determined after identifying the specific areas within the rail freight transport and rail cargo sectors.

MMC said it planned to finance its portion of the investment in the joint-venture firm through internally generated funds and/or borrowings.

MMC Corp shares lost 4 sen to close at RM2.00 on Tuesday.

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