Gamuda Bhd and MMC Corp, two Malaysian construction companies, may team up with the government to help build a passenger rail network in Kuala Lumpur, a Gamuda executive said.
Work on the project may start in July, Gamuda group managing director Lin Yun Ling told reporters in Shah Alam, near the capital. He didn’t elaborate.
The rail project is among the US$444 billion of private sector-led projects identified by the Malaysian government to spur investments and accelerate growth in Southeast Asia’s third-largest economy. Besides the rail network, the plan includes developing a nuclear energy industry and a shopping district to rival Singapore’s Orchard Road.
Shares of Gamuda, a construction and property group based in Petaling Jaya, outside the Malaysian capital, climbed 1.6 per cent to RM3.83 at 11:45 a.m. in Kuala Lumpur trading. MMC, a power and construction company based in Kuala Lumpur, slid as much as 1.1 per cent to RM2.79.
Gamuda and MMC, which proposed the mass-transit system, will likely be the master planners of the project if they offer the best pricing, Second Finance Minister Ahmad Husni Hanadzlah said Nov. 11.
Qatar, Vietnam
Prime Minister Najib Razak said in October the country will start on a mass rail project in the capital in early 2011, expected to attract RM40 billion (US$12.8 billion) in private-sector investment.
Azharuddin Nordin, general manager of the group managing director’s Office at MMC, wasn’t available to comment as he was in a meeting.
Gamuda also plans to bid for a mass rail network and other infrastructure project in Qatar, the host of soccer’s World Cup in 2022, Lin said. The company expects revenue of RM1 billion from its property business in the year ending July 31, 2011, he said.
Property sales may reach RM5 billion over the next two years, with projects in Vietnam contributing as much as RM3 billion, Lin said. -- Bloomberg
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