KUALA LUMPUR (Dec 27): Malton Bhd's joint venture (JV) with Hong Kong-listed Nan Hai Corp Ltd has been selected to enter into the next phase of the bidding process for the construction of a superstructure above the airport express train station located near the Taipei main train station in Taiwan.

Malton said the Department of Rapid Transit Systems Taipei City Government had today announced that the bid submitted by the Nan Hai-Malton JV has been selected as the best applicant for the project.

Nan Hai holds an 80% equity interest in the JV, while Malton holds the remaining 20% stake.

In a filing with Bursa Malaysia, Malton said the Nan Hai-Malton JV will now commence negotiations on the terms of an investment agreement with the Taipei City authorities and it is expected to enter into such agreement in March next year.

"Further announcements on the status of the bid will be made in due course," it added.

On Oct 1, the Nan Hai-Malton JV had submitted a bid to the Taipei City authorities for the project.

The project involves the development of a high-rise multipurpose complex comprising hotel, retail and prime office space above the airport express train station that has a base area of approximately 31,700 sq m. This complex will have direct access to the Taipei City station of the express rail service to the Taoyuan International Airport.

Malton shares gained one sen or 2.5% to close at 41 sen today, giving it a market capitalisation of RM216.54 million. Year-to-date, the counter's share price has fallen 56% from 94 sen on Jan 2.