KUALA LUMPUR (Dec 14): Nylex (Malaysia) Bhd has proposed to enter into discussions with China-based CRRC Changchun Railway Vehicles Co Ltd on the construction of a light rail transport (LRT) system in Johor Bahru.
The group had announced the LRT project, which is connected with the railway shuttle link currently being built from Singapore to Johor Bahru (RTS Link), in March.
The project, which is to be an integrated property development using the “transit-oriented development”, is subject to an ongoing feasibility study being completed and the grant of the concession award by the Johor government.
In a bourse filing on Wednesday (Dec 14), Nylex said it has now signed a letter of intent (LOI) with CRRC Changchun, a unit of CRRC Corp Ltd, as part of its effort to complete its feasibility study.
Under the LOI, CRRC Changchun agrees to undertake the project as turnkey contractor and recommends the use of the straddle monorail system for the project.
On March 21, Nylex entered into a heads of agreement with Sinar Bina Infra Sdn Bhd, LBS Bina Group Bhd, BTS Group Holdings Public Company Ltd and its parent firm Ancom Nylex Bhd, for collaboration to build and operate the LRT system in Johor Bahru.
Nylex’s share price closed unchanged at 22 sen on Wednesday, with a market capitalisation at RM41.78 million. Meanwhile, Ancom Nylex rose 0.5 sen or 0.52% to 96 sen, valuing the company at RM895.64 million.
Source: TheEdge - 15 Dec 2022
