GEORGE KENT TO EXPLORE NEW OPPORTUNITIES IN DOMESTIC, REGIONAL RAILWAY SPACE

KUALA LUMPUR, Oct 20 -- George Kent (Malaysia) Bhd will focus on developing new opportunities in the domestic and regional railway space, following the completion of the disposal of its entire 50 per cent equity interest in MRCB George Kent Sdn Bhd (MRCBGK), the main contractor for the Light Rail Transit Line 3 (LRT3) project, on Oct 13.

The engineering and metering group said that following the disposal of the stake to Malaysian Resources Corporation Bhd (MRCB), it would focus on developing new opportunities in the domestic and regional railway space under the 12th Malaysia Plan’s (12MP) policy enabler of enhancing connectivity and transport infrastructure.

“This allows George Kent to leverage on its expertise as a rail systems specialist in railway projects,” it said in a statement today.

Furthermore, the group said its track record of successful execution and timely delivery of the Light Rail Transit Ampang Line Extension (LRT2) project, coupled with the experience gained from the LRT3 project, augured well for the expansion of its role in the rail network infrastructure.

MRCBGK, a joint-venture company between MRCB and George Kent, is a special purpose vehicle established to execute the LRT3 project which has a finite life for completion by end of 2024. To date, 60 per cent of works have been completed. 

On top of the railway space, George Kent said the group also would strengthen its thriving water meter business by exploring opportunities in the water infrastructure projects in view of the acceleration of the adoption of Integrated Water Resources Management by the government under the 12MP.

“As digital technologies are rapidly reshaping industries, the group is also looking to create a platform for strategic investments into companies with digital technology, such as Internet of things and artificial intelligence, that will serve as an extension of our smart metering development in the areas of urban solutions and sustainability, as well as emerging technology,” it said.

On the RM53 million proceeds from the stake disposal, George Kent said it provided an opportunity for the group to monetise its investment in MRCBGK, which has zero cost of investment.

-- BERNAMA