KUALA LUMPUR (May 30): Ekovest Bhd has confirmed that it is currently in ongoing discussions with relevant parties to explore a potential takeover of the Rapid Transit System (RTS) Link project.

In a local bourse filing on Monday (May 30), the construction group said this in a response to a report by The Edge Weekly.

Ekovest said all negotiations are still ongoing and appropriate announcements will be formalised upon finalisation of the agreed terms and conditions.

RTS Link is a railway shuttle line of about 4km between Bukit Chagar, Johor Bahru, Malaysia and Woodlands in Singapore, with a capacity of ferrying 10,000 passengers per hour per direction.

It is slated to be completed by the end of 2026.

In an article published by The Edge Weekly entitled “Lim Kang Hoo could take over RTS Link to Singapore" on May 30, the weekly said businessman Tan Sri Lim Kang Hoo is understood to be looking to take over Adil Permata Sdn Bhd — the company given the mandate to build a RM3.7 billion rail link connecting Bukit Chagar in Johor Bahru to Woodlands in Singapore.

The RM3.7 billion price tag entails the construction of a station at Bukit Chagar, Johor Bahru, a depot in Wadi Hana, Johor Bahru and viaducts through the city centre and over the straits of Johor to the boundary with Singapore.

Notably, Lim has a 30.8% stake in Ekovest.

According to Ekovest’ FY21 annual report, the group has a strategic collaboration with China Railway Dongfang Group, a wholly-owned subsidiary of China Railway Group Ltd for infrastructure projects.

At noon break on Monday, shares in Ekovest ended unchanged at 41 sen, giving it a market capitalisation of RM1.11 billion.