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Thursday, April 24, 2008

YTL Corp still keen on bullet train project

KUALA LUMPUR: YTL Corporation Bhd (YTL Corp) has not given up hope on getting the authorities’ approval for its proposed multi-billion ringgit Kuala Lumpur-Singapore bullet train project, which has been shot down by the Economic Planning Unit (EPU) on Monday.

While the conglomerate accepts the government’s decision, it believes the project is economically viable.

In an email reply to The Edge Financial Daily yesterday, YTL Corp managing director Tan Sri Francis Yeoh said: “We accept the government’s decision to shelve the bullet train project, but remain convinced that the project will bring significant economic benefits to our country and will consider investing again when the opportunity arises.”

The EPU decided to shelve the project because the government would have to bear “significant costs” under the proposed financial model.

YTL Corp had said the bullet train would cut travelling time between the two cities to only 90 minutes, which would boost socio-economic growth of both countries.

By The EDGE Malaysia

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