Rail project: MMC, Gamuda, Govt to team up

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. 

Source: http://www.btimes.com.my/Current_News/BTIMES/articles/20101209112949/Article/index_html