Sumatec sets record straight on Sudan railway project

KUALA LUMPUR, Jan 27, 2004 (Bernama) — Trans Africa Railway Corporation Ltd, a wholly owned subsidiary of Trans Africa Railway Corporation Sdn Bhd which is a 30 percent owned associated company of Sumatec Corporation Sdn Bhd, is currently in the final stage of negotiation with the relevant ministries of the Government of Republic of Sudan on the railway project.

Sumatec Corporation Sdn Bhd is a wholly owned subsidiary of Sumatec Resources Bhd.

Sumatec Resources Bhd senior manager, Issues & Listing, Koay Lean Lee said in a statement to Malaysia Securities Exchange Bhd (MSEB) today that at this juncture, the project funding for the said railway project was expected to be between the Government of Republic of Sudan and the funders.

Koay was referring to the MSEB’s query letter dated Jan 26, 2004 and the news report which appeared in The Edge on the same day that stated “…PJI Holdings Bhd…the award of a one billion euro (RM4.62 billion) railway construction job in Sudan, Africa…the project…will be funded internationally by a group of financial institutions, with the financing guaranteed by Sudan, based on the country’s oil income.”

Koay said in due course the company would make the necessary announcement to the MSEB once the official outcome of the company’s bid for the said railway project was received from the Government of Republic of Sudan.