Malaysia Steel Works (Masteel) and KUB Malaysia have signed a joint-venture agreement to build and operate a proposed 100km inter-city rail transit system at Iskandar Malaysia in the state of Johor.
The MYR1.23bn ($402.6bn) system will be linked to the Mass Rapid Transit line in Singapore.
Masteel holds 60% of the joint-venture company Metropolitan Commuter Network, and KUB holds 40%.
The system will run on the existing Keretapi Tanah Melayu rail and will connect 25 commuter stations in major towns in the Iskandar economic corridor in the initial stage, and will add four stations along the route.
The agreement with the government will be completed this year and the system is expected to operational by the end of 2013.
About 70% of the construction cost of the rail transit infrastructure will be funded under a public-private partnership scheme.
