MMC Corp, controlled by aristocrat Tan Sri Syed Mokhtar Al-Bukhary, skeleton to siphon in as most as RM1 billion to take control of KTMB's operations.
MMC Corp Bhd is endeavour a due diligence practice to privatise Keretapi Tanah Melayu Bhd (KTMB), people familiar with a make a difference said.
The company, controlled by aristocrat Tan Sri Syed Mokhtar Al-Bukhary, skeleton to siphon in as most as RM1 billion to take control of KTMB's operations.
According to a Railwaymen's Union of Malaya (RUM), a Minister of Finance Inc (MOF) had given MMC a immature light
to undertake a due diligence, which will take a few months.
However, RUM is opposite MMC or any alternative party receiving over KTMB.
"They contingency have an agenda. We consider KTMB can do well upon a own. All it needs is a great management team to operate the
business efficiently," pronounced RUM president Abdul Razak Md Hassan.
An MMC central reliable a devise as well as pronounced a association will undertake a feasibility study to ensure which a rate of lapse upon a investment will be more than 10 per cent.
It is understood which MMC, which had submitted a offer to a MOF upon a matter, skeleton to take over KTMB's burden as well as newcomer services. The railway infrastructure, meanwhile, will sojourn with a government.
The infrastructure valued during over RM50 billion is held by Railway Asset Corp (RAC), which is underneath a protector of a Ministry of Transport.
This is not a first attempt by MMC to take over a operations of KTMB. MMC as well as Gamuda Bhd were eyeing to privatise KTMB as we! ll as ta ke over a assets in 2003. The consortium had held preliminary
discussions with a supervision but zero materialised then.
Meanwhile, a source pronounced as an operator, MMC will have to invest in rolling stocks compulsory for a operations and
manage KTMB's current workforce of more than 5,000 employees.
However, he pronounced MMC will not have to absorb KTMB's debt of over RM1 billion given a fixed assets comprising 11 depots, land, office building as well as apparatus will sojourn with a government.
"If MMC can explanation which it could improve a potency of KTMB in on condition that a services to a public but supervision subsidies as well as funds, afterwards a offer may be considered," he said.
The source pronounced this is a vertical subdivision of KTMB, where as a railway operator, MMC contingency be means to demonstrate which it can be an fit as well as essential railway association in a march of receiving over a railway.
KTMB recorded RM1.45 billion in accumulative net losses up until 2008 as well as cannot "afford" to pay back a own operational costs as well as loans.
The user has been bleeding red ink given it was corporatised in 1992 due to high operating costs. It did make a net profit of RM9 million to RM15 million from 1993 to 1995, prior to falling into a red again in a following years.
-Business Times
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