Bursa
Announcements

The Board of Directors of Ekovest (“Board”) wishes to announce that our wholly-owned subsidiary, Ekovest Construction Sdn Bhd (“ECSB”) has been accepted by Malaysia Rapid Transit System Sdn Bhd (“MRTS”) (a wholly-owned subsidiary of Mass Rapid Transit Corporation Sdn Bhd), the developer and owner of the civil infrastructure for the section of Malaysia in Johor Bahru to Singapore Rapid Transit System Link Rail connecting Johor Bahru and Singapore (“RTS Link Project”), as the collaborative partner of Adil Permata Sdn Bhd (“APSB”), the appointed main contractor by MRTS for the RTS Link Project, to undertake the construction of the RTS Link Project.

On 5 July 2022, ECSB has accepted the Letter of Award by APSB as the engineering, procurement and construction (“EPC”) contractor for the RTS Link Project with a contract sum of RM1.979 billion for the RTS Link rail works.

The participation of ECSB as the collaborative partner of APSB and the EPC contractor to undertake the construction of the RTS Link Project will replenish the construction order book and is expected to contribute positively to the financial performance of Ekovest and its group of companies.

The RTS Link Project

The RTS Link Project consists a railway shuttle link approximately 4 kilometers (“km”) length in total (Malaysia: 2.7km and Singapore: 1.3km) with two stations, one in Bukit Chagar, Johor Bahru, Malaysia and one in Woodlands, Singapore. The link for the RTS Link Project would be a modern light rail transit (“LRT”) system that will provide high volume, fast and efficient transportation system between the two stations, providing an alternative means of transportation that will help alleviate the congestion at immigration checkpoints for both countries.

As an international link between Malaysia and Singapore, the RTS Link Project also includes the building of a new immigration, customs and quarantine complex (“ICQ”) facility next to the station at Bukit Chagar, Johor Bahru, Malaysia. Similarly, the RTS link station in Woodlands, Singapore will also have customs, immigration and quarantine (“CIQ”) facilities. The Malaysian ICQ and Singaporean CIQ facilities will be co-located within the same building, allowing the entire immigration process of leaving and entering both countries to be completed at the departing station.

The RTS Link Project expects to provide estimated 10,000 commuters per hour per direction via Johor Bahru to Singapore and it will ease the congestion at the Malaysia Singapore Causeway.

The RTS Link Project will be the catalyst to further development of Johor Bahru and surrounding areas. It will unlock property value in the southern Johor and the centre business district areas in Johor Bahru.

This Announcement is dated 5 July 2022.