KUALA LUMPUR: Construction-based TSR Capital Bhd is in the midst of submitting a second proposal to the Federal Government on the proposed relocation and reconstruction of a new Royal Malaysian Air Force (RMAF) base in Butterworth, Penang.
Group accountant, Ng Kim Keong, said the company has submitted the first proposal after the government issued the letter of intent on the RMAF project, and following discussions with air force committee, the company adjust the proposal to cater to the needs of air force, which is the main occupier in the project.
"We have appointed consultants and have sat down with the air force and the ministry to find out the details on the model, agreements and later, we will submit it (again) to the government.
"Once we submit the second proposal, it (the proposal) will be handed over to the cabinet to be decided and they will discuss the details," Ng told reporters after TSR Capital's extraordinary meeting here Monday.
On the timeframe to reach agreement, Ng said it would be a lengthy commenting process.
"Related parties such as the Defence Ministry, Public-Private Partnership Unit, Penang state government as well as Seberang Perai Municipal Council are involved in the process, and we are taking a holistic approach to ensure that everyone is satisfied and the proposal meets certain compliance outlined by them," he said.
He said the work phase would only commence when everyone has agreed.
The proposal would be carried out by a joint-venture company in which TSR Capital will hold a 51 per cent equity interest, Lembaga Tabung Angkatan Tentera (30 per cent) and Pembinaan Bukit Timah Sdn Bhd (19 per cent), he said.
The 407.51-hectare RMAF base land is in Teluk Air Tawar in Seberang Perai, about eight kilometres from Butterworth.-- Bernama