We aim to make a meaningful impact on sustainable urban development, particularly in the realm of transit-oriented spaces, said SCIB managing director Ku Chong Hong.

KUALA LUMPUR (Sept 12): Sarawak Consolidated Industries Bhd (SCIB) signed an agreement with Indonesian mass rapid transit (MRT) operator PT MRT Jakarta (Perseroda) Tbk to explore potential partnership to develop transport-orientated development (TOD) in Jakarta.

According to SCIB, the memorandum of understanding (MOU) signed between the two parties lays the groundwork for future cooperation between the parties on key aspects.

Among these are conducting studies related to land development in transit-oriented areas in Jakarta, engaging in discussions and coordination regarding development study results and land use plans, and working together to realise investments in the project, SCIB said in a filing to the exchange on Tuesday.

Fee structures for the project will be determined through mutual discussion and agreed upon in good faith.

“We aim to make a meaningful impact on sustainable urban development, particularly in the realm of transit-oriented spaces. By aligning our resources and capabilities, we are confident that this partnership will yield not only financial returns but also create a legacy of value-driven projects for the communities we serve," said managing director of SCIB Ku Chong Hong.

Established in 2008, PT MRT Jakarta is an Indonesian limited liability company specialising in mass rapid transit solutions.

SCIB shares were up half sen or 1.10% to 46 sen, valuing the company at RM294.51 million.