KUCHING: Pansar Bhd’s wholly-owned subsidiary, Perbena Emas Sdn Bhd (PESB), has entered into a joint venture agreement with China Road & Bridge Corporation (CRBC) to undertake a major infrastructure project for the Kuching Urban Transportation System (KUTS).
PESB will hold a 51 per cent equity interest in the joint venture firm, PESB CRBC JV Sdn Bhd, while CRBC will own the remaining 49 per cent stake.
“The parties agreed that the initial issued and paid-up capital of the joint venture shall be RM2 million only, which shall be subscribed by the parties in accordance with the equity ratio upon the incorporation of the joint venture. Thereafter, the share capital of the joint venture may be increased upon such terms and at such time as the board (of directors) shall decide, and shall be borne by the parties based on the shareholding proportion accordingly,” Pansar said in a filing with Bursa Malaysia.
PESB and CRBC will each have two directors on the board of the joint venture company.
On August 30, 2024, PESB and CRBC received the letter of acceptance from Sarawak Metro Sdn Bhd for the construction and completion of infrastructure works for the Blue Line-Package 2, from Stutong to Hikmah Exchange in the city centre, for KUTS via an open tender. The contract value for the package is RM804.7 million.
The project’s scope of work includes architectural, civil, structural, mechanical, and electrical works, as well as external and landscape works for the station. It also covers infrastructure such as roadworks, viaducts, crossings, road widening, utilities relocation, and utilities protection.
The KUTS project will transform Kuching into a dynamic and competitive city by providing green and efficient public transportation services. It will be the first hydrogen-powered urban transportation system to be implemented in Malaysia.
PESB is principally engaged in construction and property development, while CRBC specialises in the design and construction of infrastructure.
According to Sarawak Metro, a wholly-owned subsidiary of the Sarawak Economic Development Corporation (SEDC), which has been tasked by the Sarawak government to develop KUTS, the project is being developed in phases, with Phase 1 comprising three lines: the Blue Line (from Rembus in Kota Samarahan to Hikmah Exchange), the Red Line (from Kuching Sentral to Pending), and the Green Line (from Pending to Damai).
Construction of the first package of the Blue Line is expected to be completed in the fourth quarter of 2025, with all three lines scheduled for full completion by the end of 2027.
Meanwhile, Reservoir Link Energy Bhd (RLEB) acquired 2.6 million shares on February 17, 2024, raising its shareholdings in the company to 45.31 million units (13.531 per cent).
