MRCB to manage toll road

MRCB to manage toll road

KUALA LUMPUR (AFP): Malaysian Resources Corp Bhd (MRCB) said yesterday it had signed a joint venture with Camelite Sdn Bhd to jointly provide management services to the Pandaan-Pasuruan toll road in East Java, Indonesia.

The move marks MRCB's first venture into the provision of project management services for huge infrastructural project overseas, the listed MRCB said in a statement to the Kuala Lumpur Stock Exchange.

It did not elaborate on the value of the contract.

Camelite is the majority shareholder of PT Marga Pexacor Adya Sejati, the concession company granted by the Indonesian government to build the 32. 4-kilometer Pandaan-Pasuruan toll road.

MRCB said the joint venture firm Sumbangan Bangsawan Sdn Bhd would have an authorized capital of 100,000 ringgit (US$40,000) and paid-up capital of two ringgit.

The paid-up capital will soon be raised to 100,000 ringgit, MRCB said.