‘Good chance MRCB will win river project’

Posted on | February 24, 2011

By BERNAMA

Malaysian Resources Corportion Bhd (MRCB) stands a good chance of being selected as one of the developers undertaking the development project for the Rubber Research Institute of Malaysia (RRIM) land, OSK Research says.

“We believe this will provide further upside catalysts for MRCB,” the research house said today.

The joint-venture (JV) between MRCB and Ekovest Bhd yesterday received a Letter of Intent (LOI) from the government for the River of Life Project.

The LOI dated Feb 22, 2011 indicates the intention of the government to obtain the services of the Ekovest-MRCB JV as the Project Delivery Partner (PDP) for the project.

“As the PDP for the project, we believe it is likely for the JV to take the lead in undertaking Phase 1 coupled with partial involvement for the remaining phases,” OSK Research said in a investment research note.

It also believed that the project would definitely enhance MRCB’s future orderbook and earnings. OSK Research maintained a trading buy recommendation with unchanged target price of RM2.58 on MRCB.

- River of Life Project RRIM

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