[iProperty] Masteel JV company gets land offer

KUALA LUMPUR: Malaysia Steel Works (KL) Bhd’s (Masteel) joint venture (JV) company with KUB Malaysia Bhd, Metropolitan Commuter Network Sdn Bhd (MCN), has received an offer of land under Perbadanan Aset Keretapi (PAK) from the Ministry of Transport.

The 14.31 hectare land in Kempas, Johor, will be used to construct MCN’s Iskandar Malaysia commuter train depot.

In a filing to Bursa Malaysia today, Masteel said MCN will submit the necessary application to PAK for the land.

“The size of the land is sufficient for MCN’s depot construction and is strategically located in Johor for the efficient operation of the company’s proposed commuter train service,” said Masteel.

In January last year, Masteel and KUB had entered into a JV agreement where each would hold a 60 per cent and 40 per cent equity stake respectively.

The JV was established to build and operate a 100 km inter-city rail transit system in Iskandar Malaysia with a connection to the MRT line from Singapore.

Leave a Reply

Your email address will not be published. Required fields are marked *