Update on the Joint-Venture Agreement entered between Masteel and KUB Malaysia Berhad

The Board of Directors of Masteel wishes to announce that Metropolitan Commuter Network Sdn Bhd (“MCN”), a joint venture between Masteel and KUB Malaysia Berhad, received an offer of land, under Perbadanan Aset Keretapi (“PAK”) measuring approximately 14.31 hectares located in Kempas, Johor for MCN to construct its Iskandar Malaysia commuter train depot, from the Ministry of Transport, Malaysia.
MCN will submit the necessary application to PAK to apply for the said land.The size of the land is sufficient for MCN’s depot construction and is strategically located in Johor for the efficient operation of MCN’s proposed commuter train service.

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