Hartasuma Sdn Bhd executive director Tan Sri Ravindran Menon (seated, right) and Bank Pembangunan Malaysia Bhd (BPMB) group head of coverage Gerald Goh (seated, left) signing the financing agreement for the Penang Hill Cable Car Project. Witnessing the ceremony (from left) are BPMB managing director, group corporate & investment banking Mohamed Nazri Omar, Penang Chief Minister Chow Kon Yeow and Hartasuma chairman General (R) Tan Sri Zulkiple Kassim.
PETALING JAYA: Bank Pembangunan Malaysia Bhd (BPMB) and Hartasuma Ropeways Sdn Bhd, a wholly owned special-purpose vehicle or SPV under Hartasuma Sdn Bhd, have formalised their partnership for the new Penang Hill cable car project.
The project aims to enhance access to Penang Hill. It will expand connectivity to the Penang Hill Biosphere Reserve and boost the state’s tourism sector.
The project is a key infrastructure initiative with a financing facility valued at RM367.2mil. Hartasuma Ropeways, as the long-term concessionaire, will be responsible for developing, financing, operating and maintaining the entire cable car system.
BPMB group corporate and investment banking managing director Mohamed Nazri Omar said the financing reflects BPMB’s commitment as a development financial institution to support sustainable infrastructure that delivers long-term social and economic benefits.
“This RM367.2mil financing facility reflects our focus on supporting sustainable tourism infrastructure that generates long-term social and economic benefits.
“By enabling the Penang Hill cable car project, we are helping to strengthen Penang’s position as a world-class tourism destination and create meaningful opportunities for the community,” he said at the memorandum of understanding signing ceremony in George Town yesterday.
Designed to carry up to 1,400 passengers per hour in each direction, the Penang Hill cable car will be a 10-minute, 2.73-kms journey from the Penang Botanical Gardens to the summit.
There will be three main stations, the Garden Station at the foothill, the Turn Station mid-way and the Hill Station at the top.
It will offer an alternative transport mode to the existing funicular railway. The Penang Hill cable car project is scheduled for completion by December 2026. It will undergo a three-month trial and “a dry commissioning” phase before being opened to the public. — Bernama
