Engineering Company to Invest in Construction of Transportation Hub in Malaysia
The China Railway Engineering Corporation recently signed an agreement that will allow them to invest in Bandar Malaysia which is a strategic location for a future transportation hub in the Malaysian capital of Kuala Lumpur. China Railway Engineering Corporation entered a Purchase Agreement with a local partner in buying 60 percent equity in Bandar Malaysia from state investment firm 1MDB for around 7.41 billion ringgit. The company now owns 20 percent of the project equity after the said deal.
Located just 7 kilometers from Kuala Lumpur city center, Bandar Malaysia serves as the terminal of the proposed high speed railway that will run from the Malaysian capital to Singapore. The hub will also serve as the central transport hub of the city and will link the other railways and new highways. Yao Guiqing, China Railway Engineering Corporation’s general manager stated that the participation of CREC as a consortium partner is because of its confidence in the Malaysian economy, the high quality of legal and regulatory environment and leadership strength and the unique nature of Bandar Malaysia as a strategic development project for the government of Malaysia.
China Railway Engineering Corporation is viewing the investment in Malaysia as a part of their global portfolio, especially since they have the global expertise in master planning and construction of transport oriented developments. The company is looking forward in transferring technology, knowledge sharing and to work closely with their Malaysian partners and make and development Bandar Malaysia a world class destination. CREC is one of the largest engineering and construction firms that have businesses in the industrial manufacturing, resources and mineral products and real estate development. The company ranks 71 in Fortune 500 and has a turnover that exceeds 100 billion US dollars annually.