Govt will ensure business continuity, Loke tells business community

Yiswaree Palansamy
Transport Minister Anthony Loke speaks during an agreement signing event between Railway Assets Corporation (RAC) and TSLaw Land in Kuala lumpur November 8, 2019. ―Picture by Miera Zulyana

KUALA LUMPUR, Nov 8 — Transport Minister Anthony Loke today assured the business community that there will always be continuity for their businesses in Malaysia, and encouraged them to invest confidently.

In his speech at an agreement signing event between Railway Assets Corporation (RAC) and TSLaw Land here, Loke said the change in government last year, should not be viewed as a negative outcome for business development.

He said the Pakatan Harapan (PH) administration will ensure a “win-win” situation, both for the government and businesses.

“I think Mr Law can testify that this whole arrangement was started off with the previous government, but even though there was a change of government last year, we have managed to make sure that this arrangement between RAC and your company, has been successful,” he said, referring to LTS Skyline's director, Law Wai Cheong.

“So in that sense, there is continuity in our change. So that's very important. I know that to the business community, you want certainties, you want continuity and the government will make sure there will always be continuity in business.

“So I hope that this will give confidence to the large business community. Please continue to invest and have confidence in Malaysia,” Loke added.

He stressed that a “win-win” situation is pertinent in government negotiations, as it is to ultimately benefit the people.

The land development agreement today, will see a condominium development on Lot 151, a 1.21 hectare land previously owned by the RAC, which TSLaw Land acquired for RM182.6 million, under its subsidiary, LTS Skyline Sdn Bhd.

In his speech, Loke said that the sale was done in accordance with Section 89(8) of the Railways Act 1991, which entrusts RAC to manage railway assets and liabilities, take part in development projects and rejuvenate infrastructures and railway facilities under its management.

“Through this agreement, the government via the RAC, would receive a cash return of RM182.6 million. This return would be used by the RAC for the interests of the nation's railway industry, and directly aiding to reduce the government's financial burden.

“Among those that need to be increased are repair and upgrading works of the railway infrastructure, so that rail transportation becomes the pulse in connecting communities, be it in cities, or the outskirts, as well as maintenance works for railway assets,” Loke added.

He said that RAC's participation in a transit oriented development (TOD) is also a timely move, as such development type is becoming increasingly popular, with residential developments being supported by rail infrastructure.

The development by LTS Skyline would be close to the Pudu LRT station, making it a TOD.

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