Berjaya says MRCB has pulled out of consortium vying for KL-Singapore HSR

• MRCB’s decision to exit the consortium was so it could “pursue other strategic opportunities”, said Berjaya in a statement.

KUALA LUMPUR (Dec 18): Malaysian Resources Corp Bhd (KL:MRCB) has withdrawn from the Berjaya-led consortium bidding for the multi-billion-ringgit Kuala Lumpur-Singapore high-speed rail (HSR) project, Berjaya Group announced on Wednesday.

MRCB’s decision to exit the consortium was so it could “pursue other strategic opportunities”, said Berjaya in a statement. MRCB did not respond to The Edge’s queries at press time.

“We remain steadfast in our mission to deliver a world-class HSR system that will transform regional connectivity and economic development for Malaysia and to help the nation's successful transition towards green mobility in the form of the high-speed rail," said Berjaya Corp Bhd (KL:BJCORP) founder and adviser Tan Sri Vincent Tan.

The consortium and its technical partners — recognised industry leaders with decades of experience in infrastructure development, engineering and transportation management — "will be further strengthened and better aligned with the evolving needs of the project and to meet the expectations of the government", the statement read.

With MRCB’s departure, the consortium comprises Berjaya Land Bhd’s (KL:BJLAND) 70%-owned Berjaya Rail Sdn Bhd, government-owned Keretapi Tanah Melayu Bhd, IJM Corp Bhd (KL:IJM) and technical partners Deutsche Bahn, Hitachi Rail and Hyundai Rotem.

The remaining 30% of Berjaya Rail is owned by Johor princess Tunku Tun Aminah Sultan Ibrahim, the only daughter of Malaysia’s King, Sultan Ibrahim. According to Berjaya Corp’s latest annual report, Tun Aminah is also chairman of Berjaya Rail.

In 2023, Berjaya Rail was wholly-owned by Berjaya Land. Tan’s Berjaya Group controls a 64.99% stake in Berjaya Land.

According to reports in March this year, the Berjaya-led consortium was among three consortia shortlisted for the HSR project. The other two were the YTL Construction Sdn Bhd-SIPP Rail Sdn Bhd consortium and a Chinese consortium said to be led by state-owned China Railway Construction.

A request-for-information exercise for the project conducted by MyHSR Corp Sdn Bhd, the government’s delivery vehicle for the HSR project, had closed in January this year.

Since then, the project has been in limbo pending the government’s greenlight.

The New Straits Times on Wednesday quoted Transport Minister Anthony Loke as saying that the Cabinet is set to make a policy decision on the project by end-December or early January next year, prior to restarting talks with Singapore.

Shares in Berjaya Land ended half a sen or 1.56% lower at 31.5 sen, valuing the company at RM1.58 billion.

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