MRCB partners with Ipoh Sentral for RM6.25b Ipoh Sentral project

MALAYSIAN Resources Corporation Berhad (MRCB), through its wholly-owned subsidiary Country Annexe Sdn Bhd (CASB), has entered into a memorandum of agreement (MOA) with Ipoh Sentral Sdn Bhd (ISSB) to jointly undertake the RM6.25 billion Ipoh Sentral transit-oriented development in Kinta, Perak.

The project aims to establish a modern transportation hub that will integrate multiple transport modes while enhancing the quality of life for the local community, MRCB said in its bourse filing today.

ISSB is a joint venture between Railway Assets Holding Sdn Bhd (RAHSB) and Silver Smart Sdn Bhd, both of which hold equal stakes in the company.

The project is subject to conditions precedent, including the transfer of land ownership from Railway Assets Corporation (RAC) to RAHSB and the appointment of CASB as the master developer.

MRCB stated that the MOA will not have a material financial impact on the group’s net assets and earnings for the financial year ending December 31, 2025.

The company also noted that the agreement does not require shareholder or regulatory approvals.

Its board of directors expressed confidence in the project, stating that it is in the best interest of the MRCB Group and aligns with the company’s strategic growth plans. — TMR

RELATED ARTICLES

Monday, February 25, 2019

Mixed reaction for LRT3-related counters

Thursday, March 1, 2018

MRCB’s net profit falls 43.8% in 4Q

Friday, November 23, 2018

Corporate results

Friday, October 22, 2021

MRCB sets up long-term ESG goals