KUALA LUMPUR (May 2): MENANG CORPORATION (M) BHD []’s 51%-owned subsidiary, Rumpun Positif Sdn Bhd (RPSB) has secured a 23-year concession from the ministry of education to for the Puncak Alam UiTM campus in Selangor.
In a filing Wednesday, Menang Corp said the project was a Private Finance Initiative (PFI) basis project under the concept of “Build-Lease-Maintain-Transfer”.
It said RPSB would build the proposed UiTM Campus at Puncak Alam, Selangor over 3 years.
“Upon completion of the building, the Campus will be leased to the Government/UiTM for a period of 20 years.
“During the lease period of 20 years, RPSB will also be maintaining the Facilities and Infrastructure of the Campus. The Concession Period of the Project is therefore 23 years,” it said.
Menang Corp said the total CONSTRUCTION [] cost of the Campus was about RM260 million.
The company said RPSB would receive availability charges of approximately RM3.32 million monthly in arrears for the Project from UiTM over the lease period of 20 years after completion of the construction of the Facilities & Infrastructure.
It would also receive asset management services charges of about RM738,540 monthly in arrears for the provision of the Asset Maintenance Services from UiTM over the lease period of 20 years after completion of the construction of the facilities, it said.
In a filing Wednesday, Menang Corp said the project was a Private Finance Initiative (PFI) basis project under the concept of “Build-Lease-Maintain-Transfer”.
It said RPSB would build the proposed UiTM Campus at Puncak Alam, Selangor over 3 years.
“Upon completion of the building, the Campus will be leased to the Government/UiTM for a period of 20 years.
“During the lease period of 20 years, RPSB will also be maintaining the Facilities and Infrastructure of the Campus. The Concession Period of the Project is therefore 23 years,” it said.
Menang Corp said the total CONSTRUCTION [] cost of the Campus was about RM260 million.
The company said RPSB would receive availability charges of approximately RM3.32 million monthly in arrears for the Project from UiTM over the lease period of 20 years after completion of the construction of the Facilities & Infrastructure.
It would also receive asset management services charges of about RM738,540 monthly in arrears for the provision of the Asset Maintenance Services from UiTM over the lease period of 20 years after completion of the construction of the facilities, it said.
