Ahmad Zaki Resources Bhd finally got the nod to go ahead with the construction of the East Klang Valley Expressway (EKVE).
But the 1.55 billion ringgit ($501.54 mln) highway connecting the Silk Highway in Kajang to the Karak Expressway in Gombak will be built with a government loan of 635 million ringgit ($205.47 mln).
In an announcement on Wednesday, AZRB said it had entered into a concession agreement with the government for the design, construction, completion, operation, management and maintenance of the EKVE for a period of 50 years.
“The government agreed to provide the company with a loan for a maximum principal amount of 635 million ringgit at an interest rate of four percent per annum, capitalised annually, subject to a separate agreement to be entered into between the government and the company,” it said -The Edge.
NOTE: Reuters has not verified these stories and does not vouch for their accuracy.
$1 = 3.0905 Malaysian ringgit