The Malaysian government has rejected a joint effort by Malaysian Mining Corporation Berhad and Gamuda Berhad to take over the operations of the country’s rail operator, Keretapi Tanah Melayu Berhad (KTMB). The two companies had approached the government with a plan to privatise KTMB in a deal worth over RM 5 billion. Both parties were also keen on taking control of the land bank under the Railway Assets Corporation to build housing and commercial properties. KTMB’s assets and land are estimated to be worth RM 50 billion. KTMB has been reporting losses since 1995; for fiscal year of 2012, it recorded a net loss of RM 284 million on a revenue of RM 361 million.
