Malaysian Government approved MyHSR Corp Sdn Bhd, the company that will undertake the construction of the high-speed network, The Malaysian Reserve reports. The Government will finance the company and, as an initial investment, Ministry of Finance Inc will invest in 10 million shares of MyHSR Corp for RM 1 (USD 0.28) per share.
One week ago it was approved the RM 38.4 billion (USD 10.6 billion) high speed rail project which will connect Malaysia and Singapore and drive growth in the Iskandar Malaysia economic corridor. The construction is expected to begin in 2016, with services operational by 2020. As development of the Iskandar Malaysia economic corridor enters its next stage, the case for the proposed HSR has never been stronger.
“The key success factor for Iskandar is connectivity. The HSR must happen to ensure Iskandar continues to grow, not just from an economic perspective, but also from the stakeholder’s perspective,” said Datuk Ismail Ibrahim, CEO of the Iskandar Regional Development Authority.