Mass Rapid Transit Corp Sdn Bhd (MRT Corp) and Rapid Rail Sdn Bhd have signed the handing over and operating agreement, which formally appoints the latter as the operator for the MRT Sungai Buloh-Kajang (SBK) Line.
Under the agreement, Rapid Rail, a subsidiary of Prasarana Malaysia Bhd, is appointed as the operator for a term of 10 years, with an option of an extension of a further five years. The agreement was drawn up on the basis of asset lease terms with Rapid Rail leasing the asset from MRT Corp for an annual fee.
Rapid Rail will operate the MRT line and retain all fares collected, while MRT Corp will retain non-fare revenue, such as revenue from advertising and retail leasing. The fares will be set by the Land Public Transport Commission (SPAD).
Rapid Rail will also be responsible for maintaining the assets. However, major refurbishing costs will be borne by MRT Corp, the asset owner.
Share on:
