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.