Berjaya Land, which has links to the family of Malaysia’s incoming king, jumped following a report that its unit is leading a consortium that is bidding for the high-speed rail project between Kuala Lumpur and Singapore.

Shares of the hotel and gaming company reached the highest in almost three years after financial publication The Edge reported that its unit, Berjaya Rail, has teamed up with a group of Malaysian and foreign companies in submitting a proposal for the revived project. Malaysian Resources, which is part of the consortium, and IJM Corp, whose unit is also involved, advanced to the highest in four years.

Berjaya Land, part of a conglomerate controlled by Malaysian tycoon Vincent Tan, climbed as much as 25 per cent in early trade on Friday (Jan 26). Berjaya Rail’s chairperson is Aminah Sultan Ibrahim, the daughter of Johor Sultan Ibrahim Iskandar, who will succeed Malaysia’s current king on Jan 31 under the country’s rotational monarchy. 

The Sultan of Johor, the southern Malaysian state that borders Singapore, has been pushing for the revival of the high-speed rail project, which was cancelled in 2021. 

Aminah is also the chairperson of Berjaya Corp, while Sultan Ibrahim has a direct stake in Berjaya Assets. Berjaya Land’s parent, Berjaya Corp, jumped 11 per cent, while Berjaya Assets climbed 6 per cent. 

Shares of other partners in the consortium also rose. Malaysian Resources climbed 10 per cent, while IJM advanced as much as 5 per cent. 

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The consortium also includes Malaysia’s national railway firm Keretapi Tanah Melayu, said the report. Technical members include Hitachi Rail STS, Hyundai Rotem and DB Engineering & Consulting, the report indicated.

The proposed project will be fully funded by the private sector. A spokesperson from MyHSR Corporation, a Malaysian government agency overseeing the project, declined to comment when contacted by Bloomberg News. It previously said that seven consortiums had submitted bids for the high-speed rail project. Bloomberg