KUALA LUMPUR (Jan 26): Berjaya Land Bhd's (BLand) and Malaysian Resources Corp Bhd's (MRCB) shares reached a record high during Friday's morning trading session, following a report by The Edge that the two construction outfits are teaming up, alongside IJM Corp Bhd and Keretapi Tanah Melayu Bhd (KTMB), to bid for the Kuala Lumpur-Singapore high-speed rail (HSR) project.

Notably, BLand shares touched a three-year high, surging as much as 9.5 sen or 25.33% to 47 sen just after the opening bell, before paring some gains to 46 sen at noon break, still up eight sen or 21.33%. This makes the counter among the top gainers on Bursa Malaysia.

With approximately 76.65 million shares changing hands, BLand is also the fifth most active stock on Bursa Malaysia. Over the month, the stock has risen by 64.3%.

At 46 sen, BLand's market capitalisation stood at RM2.27 billion.

Meanwhile, MRCB shares also reached a four-year high in the morning session. The counter opened at 59 sen, increasing as much as eight sen or 13.79% to 66 sen before inching down to 65 sen at noon break, still up seven sen or 12.93%.

The counter also tops Bursa's most active stocks, with 122.57 million shares changing hands, more than four times higher than its 200-day average volume.

At 65 sen, MRCB's market capitalisation stood at RM2.93 billion. The stock has risen by 44.4% since the beginning of the year.

Meanwhile, IJM shares also surged as much as 11 sen or 5.05% to RM2.29, before paring some gains to RM2.24 during midday break, still up six sen or 2.75%. The counter is also among the top gainers on Bursa Malaysia.

IJM's trading volume came in at 9.56 million, nearly double its 200-day average volume of 5.56 million.

At RM2.24, its market capitalisation stood at RM8.17 billion. The stock has risen by 17.79% since the beginning of the year.

A report by The Edge, citing sources, stated that BLand's 70%-owned subsidiary, Berjaya Rail Sdn Bhd (BRail), has teamed up with IJM's unit IJM Construction Sdn Bhd, MRCB and national railway company KTMB to bid for the HSR project.

The consortium led by BRail submitted the request for information (RFI) concept proposal for the project shortly before the submission deadline, which was on Jan 15.

Sources told The Edge that other technical members of the consortium include Japan’s Hitachi Rail STS, which specialises in providing signalling systems, Hyundai Rotem Co, a South Korean company that manufactures rolling stock and German rail operator Deutsche Bahn AG’s unit DB Engineering & Consulting GmbH.

Notably, BRail's chairperson, Tunku Tun Aminah Sultan Ibrahim Ismail, is the daughter of the Sultan of Johor, who holds the remaining 30% stake in BRail. 

https://www.theedgemarkets.com/node/698688