In a filing, MRCB said the group issued a notice of termination to consortium partner Berjaya Rail Sdn Bhd to terminate the teaming agreement for the submission of a non-binding conceptual proposal to MyHSR Corporation Sdn Bhd in relation to the project.
MRCB’s decision to exit the consortium was so it could “pursue other strategic opportunities”, said Berjaya in a statement.
In the property segment, MRCB is planning some RM1.
On Thursday, MRCB reported that its net profit for 1QFY2024 plunged 65% year-on-year to RM3 million, due to lower sales and billings, following the completion of two major projects.
MRCB said it plans to focus on boosting cash flow by monetising its unsold completed stock, which amounted to RM342.
For the property development segment, “the company’s immediate priorities moving forward remain on enhancing its cash flow by monetising its unsold completed stock”, which stood at RM384.
Padang Residences is part of the RM3.
Last Friday, IJM Construction confirmed that it has teamed up with Berjaya Land Bhd’s 70%-owned subsidiary Berjaya Rail Sdn Bhd, Malaysian Resources Corp Bhd (MRCB) and national railway company Keretapi Tanah Melayu Bhd to bid for the project.
Sources said other technical members of the consortium include Japan’s Hitachi Rail STS, which specialises in providing signalling systems, Hyundai Rotem Co, a South Korean company that manufactures rolling stock, and German rail operator Deutsche Bahn AG’s unit DB Engineering & Consulting GmbH.
Notably, BLand shares touched a three-year high, surging as much as 9.
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