There were strong reports tracking the Kuala Lumpur-Singapore high-speed rail (HSR) project yesterday with regards to Berjaya Land (BJLAND, 4219, main board consumer stocks), which is headed by Johor Princess Tunku Tun Aminah Sultan Ibrahim Ismail, is cooperating with Ipoh Engineering (IJM, 3336, main board construction stocks), MRCB (1651), main board industry stocks) and Malayan Railways Berhad (KTMB) jointly in a bid.
Tunku Tun Aminah Sultan Ibrahim Ismail was appointed as the Non-Independent Non-Executive Chairman of Berjaya Corp in March last year.
This large consortium, which is rich in transportation infrastructure projects, seems to have regarded the HSR project as its own. The news caused the stock prices of Berjaya Land, Ipoh Engineering and MRCB to surge in early trading.
As of 9:15, Berjaya Land rose 7 sen or 18.67% to 44.5 sen, with a trading volume of 23.4 million shares, making it the third most popular stock and the fifth largest gainer; MRCB rose 3.5 sen or 6.03% to 61.5 cents, with a trading volume of 38.5 million shares, making it the second most popular stock. Ipoh Engineering rose 7 sen or 3.21% to RM2.25, making it the seventh largest gainer.
On the other hand, the share price of YTL Corp (YTL, 4677, public stocks on the main board), which is also a potential bidder for the Kuala Lumpur-Singapore High Speed Rail, was not affected and rose 3 sen or 1.27% to RM2.40 this morning.
Malaysian Resources Corporation Bhd (MRCB) share price was higher this morning, rising 8.62 per cent, following the news over the property developer’s participation in the Kuala Lumpur-Singapore high-speed rail (HSR) project.
At 9.47 am, MRCB rose five sen to 63 sen with 83.66 million shares changing hands. It was the most actively traded stock.
RHB Investment Bank Bhd, in a note, said it believed such an arrangement for a consortium is apt for the concept proposal under the project’s request for information (RFI) exercise.
