KUALA LUMPUR: Malaysian Resources Corp
Bhd’s (MRCB) subsidiary Rukun Juang Sdn Bhd, which was tasked with developing the Kuala Lumpur Sports City, has finished Project 1 - the critical first phase of the RM1.34bil privatisation project.
RHB Investment Bank, making an announcement to Bursa Malaysia on Tuesday on behalf of MRCB’s board, said Rukun Juang had on Aug 7 received the sectional certificates of practical completion for all components of Project 1 from the Government.
“This marks the completion and the handing over of Project 1 to the Government,” it said.
Under the privatisation agreement, Rukun Juang’s task under Project 1 is to refurbish, renovate and upgrade the National Stadium, Putra Stadium, hockey stadium and aquatic centre located at the National Sports Complex, as well as building the common infrastructures, including boulevard, parking, steps and new signage.
The provisional cost of Project 1 - at RM1.035bil - (and thus its scope) far exceeds that of Project 2 (RM131.3mil).
The rejuvenation project has been closely watched, as the country is poised to host the 29th SEA Games in less than two weeks - from Aug 19 to 30.