Comintel signs MoU with railway contractor Dhaya Maju in PN17 rescue plan

KUALA LUMPUR: PN17 affected issuer Comintel Corp Bhd has entered into a preliminary agreement with a railway contractor in a bid to come up with a financial rescue plan.

This includes to explore the possible award of contracts worth no less than RM115mil to Comintel.

In a filing with Bursa Malaysia today, Comintel said it has signed a memorandum of understanding (MoU) with Dhaya Maju Infrastructure (Asia) Sdn Bhd and Datuk Seri Dr. Subramaniam Pillai A/L Sankaran Pillai.

Dhaya Maju is a joint venture partner in the RM4.475bil Klang Valley Double Track 2 (KVDT2) rehabilitation project, while Subramaniam Pillai is a shareholder and executive director of Dhaya Maju.

Under the MoU, the parties will explore awards by Dhaya Maju, or other parties of certain subcontract works for railway construction related communications, system integration and support services to Comintel.

"It is the intention of Comintel that the proposed transaction will form part of the regularisation plan," it said.

Comintel was due to submit its regularisation plan to Bursa Malaysia by Thursday (Jan 24).