Malaysian Resources Corporation Berhad announced that its wholly-owned subsidiary, Lembaran Prospek Sdn Bhd, has received a letter of acceptance from Selangor State government for the construction and completion of the Shah Alam stadium.
Based on the agreement, MRCB will carry out the construction and completion of KSSA by the schematic design, detailed design as approved by the government authorities at a cost and expenses borne by itself for a total value of RM2.937 billion.
The total value for the Construction Project was determined based on the scope of work required for the Construction Project on a fixed lump sum basis.
The project will be located on a parcel of land known as Plot 1, Bandar Shah Alam, Daerah Petaling, Selangor.
The construction project will include:
- A stadium with a seating capacity of up to 45,000, one sliding pitch, and two training pitches.
- A three-way walkway.
- Public spaces, including a “bazarena” and running track with on-grade parking.
- A landscape garden with localized flood mitigation measures, including a retention pond/wetlands.
According to the LOA, both parties will use their best efforts to fulfill the conditions within 12 months from the date of the LOA, to commence earthworks and construction. LPSB is expected to complete the construction project within 36 months from the commencement date of the construction works, or any other period agreed upon in writing by both parties.
The project is not expected to have any effect on MRCB’s issued share capital and shareholdings of substantial shareholders. While the project is not expected to have a material effect on MRCB Group’s earnings and net assets for the financial year ending December 31, 2025, it is expected to contribute positively to the group’s future earnings.
