It is reported that Malaysia Steel Works Bhd and KUB Malaysia Bhd will jointly bid for the 100 kilometers long inter city rail transit network project in Iskandar Malaysia.

As per report, the two Main Market listed companies have agreed to combine their capabilities and resources via a JV company Metropolitan Commuter Network Sdn Bhd, which is 60% owned by Masteel and the rest by KUB.

They signed a heads of JV agreement to set up the JV to build and operate the rail transit system, estimated to cost over MYR 1 billion and consist of up to 25 commuter stations in major towns in Iskandar Malaysia. The operation of the inter city rail transit will be based on a 25 year concession.

The project is to be undertaken in three phases and expected to be completed within 24 months from project's commencement.

(Sourced from www.thestar.com.my)