Hartasuma partners Philippines infra conglo MPIC
Looks to enter the huge Philippines rail services market
Leading integrated rolling stock and rail services company Hartasuma Sdn Bhd has entered into a collaboration agreement with Philippines based infrastructure holding company Metro Pacific Investments Corp (MPIC), as it looks to penetrate the Philippines railway engineering and maintenance market. To begin, the parties look to participate in projects with an indicative investment value of RM250mil.
Listed on the Philippines stock exchange, MPIC is an infrastructure holding company with a diverse investment portfolio in various sectors across the Philippines and South East Asia. These include power, toll roads, water, healthcare, agriculture, real estate and rail.
The collaboration agreement was signed between Hartasuma’s Group Executive Director Tan Sri Ravindran Menon and MPIC’s Chairman and CEO Manuel V. Pangilinan.
Both companies see synergies in jointly engaging to bid for rail-oriented projects in the Philippines in line with the government’s aspiration to rapidly modernize the nation’s railway network.
The purpose of this agreement is to provide a framework for the cooperation between MPIC and Hartasuma. The parties undertake to work together to identify potential joint development and joint venture projects under three categories.
design, engineering, assembly, refurbishment, modernization, overhaul & rehabilitation services, and complete project management related to rolling stock and other associated railway sub-systems
cable car systems and services for both urban and rural transport option and
jointly set up facilities to undertake projects related to rolling stock, other associated railway sub-systems and cable car systems in the Philippines.
“We are honoured to partner an extremely reputable and established infrastructure player in MPIC. We look to bring value to the collaboration through our expertise and assist MPIC in achieving its goals.
The priority being given to railway systems by the Government of the Philippines, reflected in the proposed Department of Transport’s (DoTr) budget for 2024 of P214.3 billion (RM 17.6 billion) to accelerate the progress of infrastructure projects and enhance transportation policy, is indicative of the immense opportunities available to us. We are intent on contributing to the government’s aspiration of enhancing regional connectivity through the development of key railway infrastructure”, said Ravindran.
“We look forward to building on Hartasuma’s near three decades of experience in the railway engineering and transport industries, and ultimately applying these lessons to our operations in the Philippines. There is a lot for us to share. Together, we intend to explore innovations that can help us build the transport infrastructure of the future,” said Pangilinan.
This strategic partnership will pave the way for diverse initiatives, including the development of rolling stock refurbishment projects in the Philippines and the exploration of cable car systems for tourism and urban transport. These ventures will not only transform the transportation landscape of the country but will also create a thriving industry that will support economic progress by fostering skill development, creating numerous employment opportunities for Filipinos, and enhancing local manufacturing and supply chain capabilities.
Earlier this year, Hartasuma secured the Penang Hill Cable Car project for RM250mil via a public private partnership (PPP) initiative from the Penang State government.
It has partnered Austria-based Dopplemayr Group for the project. Dopplemayr is a global market leader in the manufacture of ropeways and people movers, having built more than 15,100 installations for customers in 96 nations.
***
No comments:
Post a Comment