Shares of Berjaya Land, a Malaysian property company, skyrocketed after reports emerged that a consortium led by the company is vying for the construction of the Kuala Lumpur-Singapore high-speed rail project.
On Friday morning, the company's shares surged by as much as 24%, before settling at 20% higher at 0.45 ringgit ($0.10). This impressive jump brings the total gains over the past 12 months to 67%.
According to sources cited by The Edge publication on Thursday, Berjaya Land's subsidiary, Berjaya Rail, has collaborated with Malaysian Resources, a unit of IJM, and the national railway operator, Keretapi Tanah Melayu, for the joint bid on the Kuala Lumpur-Singapore high-speed rail project.
Other Share Movements
Malaysian Resources' shares also saw an increase of 8.6% to MYR0.63, while IJM's shares rose 3.2% higher to MYR2.25.
No Immediate Comments
Despite requests for comment, Berjaya Land, Malaysian Resources, and IJM have not responded at the time of writing.
Concept Proposal Submissions
MyHSR Corp., the Malaysian government-owned company responsible for overseeing the Kuala Lumpur-Singapore high-speed rail project, announced on January 15 that seven local and international consortia, consisting of 31 companies in total, had submitted concept proposals for the development and operation of the project before the deadline.
Evaluation and Consideration
The evaluation results will be presented to the Ministry of Transport and the Cabinet for examination. If there is a positive response, the chosen consortia will be invited to submit detailed proposals, according to MyHSR Chairman Fauzi Bin Abdul Rahman.
Revival of the Project
Plans for the high-speed rail were revived last year when MyHSR called upon the private sector to propose development and operation plans through a public-private partnership model. This came after the project was postponed in 2018 due to high costs and subsequently terminated in 2021 as both countries failed to reach an agreement on the plans.