KUALA LUMPUR: Malaysian Resources Corp Bhd (MRCB) has teamed up with DRB-Hicom Bhd and Dekad Kaliber Sdn Bhd to build an integrated immigration, customs, quarantine and security (ICQS) complex in Bukit Kayu Hitam, Kedah.

In a filing with Bursa Malaysia yesterday, MRCB (fundamental: 1.3; valuation: 1.4) said its wholly-owned subsidiary MRCB Engineering Sdn Bhd (MESB) had inked a joint venture (JV) and shareholders’ agreement with DRB-Hicom's unit Hicom Builders Sdn Bhd and Dekad Kaliber for the proposed project.

Dekad Kaliber is the JV firm to carry out the job, in which MESB will hold a 51% stake and Hicom Builders 49%. “The board believes that the JV represents a good opportunity to further strengthen the future income of the MRCB group,” said MRCB.

The government entered into a concession agreement with Northern Gateway Infrastructure Sdn Bhd (NGISB) on Dec 30, 2011, for the right to design, finance, develop and construct the complex. NGISB had in turn appointed Zelan-Kiara Teratai JV as the main contractor of the project, which then awarded the job to Dekad Kaliber for RM310 million.

This article first appeared in The Edge Financial Daily, on July 9, 2015.