Prasarana paid RM3.5b to LRT 3 contractors


Prasarana Malaysia Bhd has paid RM3.5bil to the Light Rail Transit 3 (LRT 3) contractors up to October 2020.

KUALA LUMPUR: Prasarana Malaysia Bhd has paid RM3.5bil to the Light Rail Transit 3 (LRT 3) contractors up to October 2020.

Its chairman Datuk Seri Tajuddin Abdul Rahman said Prasarana cannot afford to make progress payments on a monthly basis as it needs to manage its cash flow.

He pointed out Prasarana is facing cash flow issues led by the Covid-19 fallout, of which its revenue could not cover its operations.

“We have to manage our cash flow as we cannot afford disruptions in our operations. Our revenue has been hit by Covid-19 of which it is not enough to pay our operations and capital expenditure, ” he added.

Tajuddin said Prasarana would be making its next progress payment to the LRT 3 contractors once it receives RM1.5bil in the drawdown from its sukuk.

“We hope to receive the payment from our sukuk in three months which has been approved by the government, ” he said.

Prasarana has cash reserves of RM2bil, of which it would need to set aside RM650mil to service its current sukuk, RM236mil for the operational shortfall and RM350mil for capital expenditure.

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