LBS Bina Group Berhad has entered into a Heads of Agreement (HoA) with Nylex (Malaysia) Berhad (Nylex), Sinar Bina Infra Sdn. Bhd. (SBI), BTS Group Holdings Public Company Limited (BTS) and Ancom Berhad (Ancom) to build and operate a light rail transport system with an integrated property in Malaysia.

The project will be based on the Transit-Oriented Development concept in Johor Bahru’s metropolitan region. LBS and SBI have strategic land banks in Johor Bahru while BTS is a public listed company in Thailand and the majority shareholder of Bangkok Mass Transit System PCL, the operator of the BTS Skytrain and Bangkok BRT. LBS will inject its lands into consideration to be mutually agreed to take into account the valuation to be carried out by an independent valuer in exchange for Nylex shares.

The HOA agreement is subject to the completion of a feasibility study to be conducted by BTS and professional consultants, the grant of the LRT Project concessions by the state government of Johor to SBI, and signing of definitive agreements.