Wednesday, 17 July 2013

Rail project for Iskandar a private sector initiative

Iskandar Malaysia's rail project is not a government-driven project but a private sector initiative, Masteel MD/CEO Datuk Seri Tai Hean Leng said. He said Metropolitan Commuter Network Sdn Bhd (MCN) was not "awarded" the contract by the government. "MCN is undergoing the process of obtaining the necessary approvals from various government ministries and has not been granted full approval to undertake the project," he said. MCN, the JV company that is 60% owned by Masteel and 40% by KUB, will build and operate the rail transit system at Iskandar Malaysia in Johor, he said.

  • He said Masteel has conceptualised and mooted the Johor commuter train concept to the government for approval. "While the idea has been promoted by Masteel for over four years, other bidders were not prevented from submitting their bids to the government," he said. 
  • "In this case, all rail infrastructure and stations are owned by the government and MCN will pay the government RM700m over an agreed duration for the use of these infrastructure, or 'soft loan'," he said. (BT)

Source: CIMB Daybreak - 17 July 2013

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