CHAPTER 1: TRIVIA dE KUALA LUMPUR
(PART 006)
~"KUALA LUMPUR MONORAIL"~
The KL Monorail is a monorail system (previously known as Peoplemover Rapid Transit - PRT) in Kuala Lumpur, Malaysia, opened August 31, 2003, and serves 11 stations running 8.6 km with two parallel elevated tracks. It connects the Kuala Lumpur Sentral transport hub with the "Golden Triangle". It was completed at a cost of RM1.18 billion by the KL Infrastructure Group (KL Infra). KL Infra declared bankruptcy on May 15, 2007 after repeatedly missing loan repayments. On November 29, 2007, Syarikat Prasarana Negara Berhad (SPNB) has signed a sale and purchase agreement with KL Monorail Systems Sdn Bhd (KLMS). The current operator for the KL Monorail system is KL StarRail Sdn Bhd, a wholly-owned subsidiary of SPNB. according to the Ministry of Transport Malaysia 2008 Statistics, the annual ridership for RapidKL Monorail was 21,765,233.
The KL Monorail system consists of a single dual-way line that serves a total of 11 stations
ocated along the southeast and northeast regions of Kuala Lumpur that had previously receive
insufficient access to rail transport, namely Brickfields, Bukit Bintang, Bukit Nanas, Chow Kit and Titiwangsa. Only the line's two terminus stations run along a single track. Of the 11 stations, 4 are designated as "integrated stations" that are used as interchanges to and from the Ampang Line, Kelana Jaya Line or other transit services provided at Kuala Lumpur Sentral.
The stations themselves are largely designed in the same fashion, as elevated structures with a
ticketing facilities on either the ground level (as seen in the KL Sentral station), or the first level.
The platforms are located on the top floor, separated from the monorail lines with fencing and covered with a large cream canvas roof. Certain stations are situated above roadways, or are slightly longer than others. Each station is also designated with a sponsor, with route maps associating each station with a particular company. The line's train depot is located between the KL Sentral and Tun Sambanthan stations.
The system utilises permanently coupled 2-car trains with similar styling and designs as the Seattle Center Monorail's ALWEG trains. The KL Monorail trains are capable of accommodating 158 passengers each during regular operations. The monorail carriages themselves were constructed by MTrans, a Malaysian monorail manufacturer, at the MTrans plant in Rawang,
which also featured its own tracks for monorail train tests.
The monorail's construction was initiated by Hitachi, Ltd., but the 1997 East Asian financial crisis led to cessation of work in December 1997. When work was resumed in July 1998, MTrans Holdings took over, locally manufacturing its own rolling stock and completing the project to save cost; the line was completed at a cost of RM1.18 billion. As the line was opened in 2003, it was agreed that the parent company and owner of the KL Monorail, KL Infrastructure Group, would hold a 40-year concession to operate the monorail. The line and number of stations remains unchanged since 2003. Since the start of the KL Monorail's operations, the KL Infrastructure Group suffered losses due largely to depreciation and interest repayment costs. For the financial year ending April 30, 2004 alone, KL Infra posted a net loss of RM46.24 million on a RM15.08 million revenue. KL Infra had also taken up a RM300 million Malaysian government loan and a RM260 million infrastructure loan from the Development Bank of Malaysia. In addition, KL Infra had proposed to buy MTrans' three subsidiary companies to improve its business,
but failed after the Scomi Group bought up some of the targeted companies.
In April 2007, talks were underway between KL Infra and the government and the evelopment Bank of Malaysia to sell the assets and liabilities of the KL Monorail to the National Infrastructure Company (Syarikat Prasarana Negara, SPN), which already owns both the Kelana Jaya Line and the Ampang Line, as well as 10% of KL Infra shares. KL Infra was cited as intending to exit Malaysia's monorail business. The takeover is part of the government's master plan to improve the urban public transport sector. SPN gave its agreement in principle to the takeover of KL Monorail on December 22, 2006 and a follow-up meeting was held on February 6, 2007 with the government on the takeover of its operational assets and assumption of loan liabilities. A due diligence audit was conducted from March 5, 2007 to April 27, 2007 by consultants appointed by the government. Following the agreement to the takeover, BPM granted to KL Monorail an extension of time until April 29, 2007 for an interest repayment amounting to RM4,244,801.91 which was originally due on December 29, 2006. However, the takeover seemed to have suffered a setback at least from the perspective of KL Infra when on March 26, 2007, it was notified by BPM that it was not going to entertain any further extensions for interest repayment. Subsequently on April 27, 2007, the bank notified that it would not be granting any moratorium on interest repayments.On April 29, 2007, KL Monorail was not able to make the repayment of the interest installment which had become due. On May 3, 2007, KL Monorail was issued a default notice by BPM which sought repayment of the entire principal
sum of RM609,616,423.73 and capitalised interest of RM296,428,910.88 totalling RM906,045,334.61. The company was granted seven days from that day to repay the entire sum, which it failed to do. On May 14, 2007, Mohd Anwar Bin Yahya and Cho Choo Meng were appointed receivers and managers by Amanah Raya, the Security Trustee for BPM.
Nevertheless, the takeover process is still deemed on-going with KL Infra stating that it will continue to engage the government and BPM to address the proposed takeover of KL Monorail by SPNB based on earlier discussions and an approval in principle. One of the effects of the appointment of receivers and managers is the possibility that KL Infra will not be receiving
any compensation for KL Monorail should the takeover by SPN go through. The trading of KL Infra was suspended from May 15, 2007. On the same day, KL Infra's board announced to Bursa Malaysia that it had formed the opinion that it was not solvent and will not be able to pay all its debts in full within a period not exceeding twelve months. On November 28, 2007, Syarikat Prasarana Negara Bhd signed a sale and purchase agreement with KL Monorail Systems Sdn Bhd, effectively making SPNB the operator of KL Monorail, and resulting in SPNB taking over the RM882 million BPM loan.
~"KUALA LUMPUR MONORAIL"~
The KL Monorail is a monorail system (previously known as Peoplemover Rapid Transit - PRT) in Kuala Lumpur, Malaysia, opened August 31, 2003, and serves 11 stations running 8.6 km with two parallel elevated tracks. It connects the Kuala Lumpur Sentral transport hub with the "Golden Triangle". It was completed at a cost of RM1.18 billion by the KL Infrastructure Group (KL Infra). KL Infra declared bankruptcy on May 15, 2007 after repeatedly missing loan repayments. On November 29, 2007, Syarikat Prasarana Negara Berhad (SPNB) has signed a sale and purchase agreement with KL Monorail Systems Sdn Bhd (KLMS). The current operator for the KL Monorail system is KL StarRail Sdn Bhd, a wholly-owned subsidiary of SPNB. according to the Ministry of Transport Malaysia 2008 Statistics, the annual ridership for RapidKL Monorail was 21,765,233.
The KL Monorail system consists of a single dual-way line that serves a total of 11 stations
ocated along the southeast and northeast regions of Kuala Lumpur that had previously receive
insufficient access to rail transport, namely Brickfields, Bukit Bintang, Bukit Nanas, Chow Kit and Titiwangsa. Only the line's two terminus stations run along a single track. Of the 11 stations, 4 are designated as "integrated stations" that are used as interchanges to and from the Ampang Line, Kelana Jaya Line or other transit services provided at Kuala Lumpur Sentral.
The stations themselves are largely designed in the same fashion, as elevated structures with a
ticketing facilities on either the ground level (as seen in the KL Sentral station), or the first level.
The platforms are located on the top floor, separated from the monorail lines with fencing and covered with a large cream canvas roof. Certain stations are situated above roadways, or are slightly longer than others. Each station is also designated with a sponsor, with route maps associating each station with a particular company. The line's train depot is located between the KL Sentral and Tun Sambanthan stations.
The system utilises permanently coupled 2-car trains with similar styling and designs as the Seattle Center Monorail's ALWEG trains. The KL Monorail trains are capable of accommodating 158 passengers each during regular operations. The monorail carriages themselves were constructed by MTrans, a Malaysian monorail manufacturer, at the MTrans plant in Rawang,
which also featured its own tracks for monorail train tests.
The monorail's construction was initiated by Hitachi, Ltd., but the 1997 East Asian financial crisis led to cessation of work in December 1997. When work was resumed in July 1998, MTrans Holdings took over, locally manufacturing its own rolling stock and completing the project to save cost; the line was completed at a cost of RM1.18 billion. As the line was opened in 2003, it was agreed that the parent company and owner of the KL Monorail, KL Infrastructure Group, would hold a 40-year concession to operate the monorail. The line and number of stations remains unchanged since 2003. Since the start of the KL Monorail's operations, the KL Infrastructure Group suffered losses due largely to depreciation and interest repayment costs. For the financial year ending April 30, 2004 alone, KL Infra posted a net loss of RM46.24 million on a RM15.08 million revenue. KL Infra had also taken up a RM300 million Malaysian government loan and a RM260 million infrastructure loan from the Development Bank of Malaysia. In addition, KL Infra had proposed to buy MTrans' three subsidiary companies to improve its business,
but failed after the Scomi Group bought up some of the targeted companies.
In April 2007, talks were underway between KL Infra and the government and the evelopment Bank of Malaysia to sell the assets and liabilities of the KL Monorail to the National Infrastructure Company (Syarikat Prasarana Negara, SPN), which already owns both the Kelana Jaya Line and the Ampang Line, as well as 10% of KL Infra shares. KL Infra was cited as intending to exit Malaysia's monorail business. The takeover is part of the government's master plan to improve the urban public transport sector. SPN gave its agreement in principle to the takeover of KL Monorail on December 22, 2006 and a follow-up meeting was held on February 6, 2007 with the government on the takeover of its operational assets and assumption of loan liabilities. A due diligence audit was conducted from March 5, 2007 to April 27, 2007 by consultants appointed by the government. Following the agreement to the takeover, BPM granted to KL Monorail an extension of time until April 29, 2007 for an interest repayment amounting to RM4,244,801.91 which was originally due on December 29, 2006. However, the takeover seemed to have suffered a setback at least from the perspective of KL Infra when on March 26, 2007, it was notified by BPM that it was not going to entertain any further extensions for interest repayment. Subsequently on April 27, 2007, the bank notified that it would not be granting any moratorium on interest repayments.On April 29, 2007, KL Monorail was not able to make the repayment of the interest installment which had become due. On May 3, 2007, KL Monorail was issued a default notice by BPM which sought repayment of the entire principal
sum of RM609,616,423.73 and capitalised interest of RM296,428,910.88 totalling RM906,045,334.61. The company was granted seven days from that day to repay the entire sum, which it failed to do. On May 14, 2007, Mohd Anwar Bin Yahya and Cho Choo Meng were appointed receivers and managers by Amanah Raya, the Security Trustee for BPM.
Nevertheless, the takeover process is still deemed on-going with KL Infra stating that it will continue to engage the government and BPM to address the proposed takeover of KL Monorail by SPNB based on earlier discussions and an approval in principle. One of the effects of the appointment of receivers and managers is the possibility that KL Infra will not be receiving
any compensation for KL Monorail should the takeover by SPN go through. The trading of KL Infra was suspended from May 15, 2007. On the same day, KL Infra's board announced to Bursa Malaysia that it had formed the opinion that it was not solvent and will not be able to pay all its debts in full within a period not exceeding twelve months. On November 28, 2007, Syarikat Prasarana Negara Bhd signed a sale and purchase agreement with KL Monorail Systems Sdn Bhd, effectively making SPNB the operator of KL Monorail, and resulting in SPNB taking over the RM882 million BPM loan.
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