Latest news with #HartasumaSdnBhd
The Star
5 days ago
- Automotive
- The Star
BPMB, Hartasuma in RM367mil cable car agreement
Hartasuma Sdn Bhd executive director Tan Sri Ravindran Menon (seated, right) and Bank Pembangunan Malaysia Bhd (BPMB) group head of coverage Gerald Goh (seated, left) signing the financing agreement for the Penang Hill Cable Car Project. Witnessing the ceremony (from left) are BPMB managing director, group corporate & investment banking Mohamed Nazri Omar, Penang Chief Minister Chow Kon Yeow and Hartasuma chairman General (R) Tan Sri Zulkiple Kassim. PETALING JAYA: Bank Pembangunan Malaysia Bhd (BPMB) and Hartasuma Ropeways Sdn Bhd, a wholly owned special-purpose vehicle or SPV under Hartasuma Sdn Bhd, have formalised their partnership for the new Penang Hill cable car project. The project aims to enhance access to Penang Hill. It will expand connectivity to the Penang Hill Biosphere Reserve and boost the state's tourism sector. The project is a key infrastructure initiative with a financing facility valued at RM367.2mil. Hartasuma Ropeways, as the long-term concessionaire, will be responsible for developing, financing, operating and maintaining the entire cable car system. BPMB group corporate and investment banking managing director Mohamed Nazri Omar said the financing reflects BPMB's commitment as a development financial institution to support sustainable infrastructure that delivers long-term social and economic benefits. 'This RM367.2mil financing facility reflects our focus on supporting sustainable tourism infrastructure that generates long-term social and economic benefits. 'By enabling the Penang Hill cable car project, we are helping to strengthen Penang's position as a world-class tourism destination and create meaningful opportunities for the community,' he said at the memorandum of understanding signing ceremony in George Town yesterday. Designed to carry up to 1,400 passengers per hour in each direction, the Penang Hill cable car will be a 10-minute, 2.73-kms journey from the Penang Botanical Gardens to the summit. There will be three main stations, the Garden Station at the foothill, the Turn Station mid-way and the Hill Station at the top. It will offer an alternative transport mode to the existing funicular railway. The Penang Hill cable car project is scheduled for completion by December 2026. It will undergo a three-month trial and 'a dry commissioning' phase before being opened to the public. — Bernama
The Star
5 days ago
- Automotive
- The Star
BPMB, Hartasuma ink RM367.2mil deal for Penang Hill cable car project
Hartasuma Sdn Bhd executive director Tan Sri Ravindran Menon (seated, right) and Bank Pembangunan Malaysia Bhd (BPMB) group head of coverage Gerald Goh (seated, left) signing the financing agreement for the Penang Hill Cable Car Project. Witnessing the ceremony (from left) are BPMB managing director, group corporate & investment banking Mohamed Nazri Omar, Penang Chief Minister Chow Kon Yeow and Hartasuma chairman General (R) Tan Sri Zulkiple Kassim. GEORGE TOWN: Bank Pembangunan Malaysia Bhd (BPMB) and Hartasuma Ropeways Sdn Bhd, a wholly owned special purpose vehicle (SPV) under Hartasuma Sdn Bhd, formalised their partnership today for the new Penang Hill cable car project. The project aims to enhance access to Penang Hill. It will expand connectivity to the Penang Hill Biosphere Reserve and boost the state's tourism sector. The project is a key infrastructure initiative with a financing facility valued at RM367.2 million. Hartasuma Ropeways, as the long-term concessionaire, will be responsible for developing, financing, operating and maintaining the entire cable car system. BPMB group corporate and investment banking managing director Mohamed Nazri Omar said the financing reflects BPMB's commitment as a development financial institution to support sustainable infrastructure that delivers long-term social and economic benefits. "This RM367.2 million financing facility reflects our focus on supporting sustainable tourism infrastructure that generates long-term social and economic benefits. "By enabling the Penang Hill cable car project, we are helping to strengthen Penang's position as a world-class tourism destination and create meaningful opportunities for the community," he said at the memorandum of understanding (MoU) signing ceremony here today. BPMB group head of coverage Gerald Goh and Hartasuma executive director Tan Sri M Ravindran signed the MoU, witnessed by Penang Chief Minister Chow Kon Yeow. Mohamed Nazri said the project marks BPMB's first blended finance initiative, combining debt financing and equity investment of up to RM30 million via subsidiary BPMB Dana Sdn Bhd. Meanwhile, Ravindran said the project is about creating a shared legacy that future generations can connect with. "With this milestone now achieved, the focus will shift towards execution to deliver a transformative, globally admired experience by early 2027,' he added. Chow said the cable car project reflects Penang's vision for sustainable tourism, balanced development and long-term planning. "Today's signing ceremony is more than just a financing milestone. With ridership on the funicular surpassing one million this year and major transformation underway at the Astaka food court, the need for this project is urgent. "The cable car will not replace the funicular, but complement it. It will alleviate congestion, enhance visitor experience and strengthen preparedness during peak periods," he said. Designed to carry up to 1,400 passengers per hour in each direction, the Penang Hill cable car will be a 10-minute 2.73-kilometre journey from the Penang Botanical Gardens to the summit. There will be three main stations, the Garden Station at the foothill, the Turn Station mid-way and the Hill Station at the top. It will offer an alternative transport mode to the existing funicular railway. The Penang Hill cable car project is scheduled for completion by December 2026. It will undergo a three-month trial and "a dry commissioning' phase before being opened to the public. - Bernama
New Straits Times
5 days ago
- Business
- New Straits Times
Penang wants study on cable car link between Botanic Gardens and Gurney Bay
pix by MIKAIL ONG GEORGE TOWN: The Penang government has asked Hartasuma Sdn Bhd (Hartasuma) to conduct a feasibility study for a cable car project linking the Penang Botanic Gardens and Gurney Bay here. Chief Minister Chow Kon Yeow said this would provide another transport link between both landmarks in the state. "Penang Botanic Gardens and Gurney Bay are about 2.5km from each other. We want to see if it is feasible to have a cable car connection. "This will be a seamless one," he told newsmen here today. Chow said Hartasuma, which is undertaking the Penang Hill cable car project, was not the intended concessionaire for this new proposed link. "We just ask them to conduct a study and we will take it from there," he added. Chow said this after witnessing the signing ceremony for the financing facility of the Penang Hill cable car project between Hartasuma and Bank Penbangunan Malaysia Bhd (BPMB). The RM374.5 million facility represents a major step forward as the project moves towards full-scale construction. In April last year, Hartasuma, a leading pioneer in the local rail industry with almost 30 years' experience, had entered into a contract with Doppelmayr Seilbahnen GmbH, a global market leader in ropeway engineering, for the much-anticipated Penang Hill cable car project. The project was awarded to Hartasuma through a public-private partnership contract announced on Dec 14, 2022. Doppelmayr was chosen to provide the cable car system. In June last year, Prime Minister Datuk Seri Anwar Ibrahim launched the Penang Hill cable car project, marking a milestone in the state's efforts to enhance the state's tourism infrastructure by improving connectivity and accessibility to the tourist site, and transforming it into a must-visit historic landmark.
The Sun
5 days ago
- Business
- The Sun
Penang plans cable car link from Botanical Gardens to Gurney Bay
GEORGE TOWN: The Penang government has asked Hartasuma Sdn Bhd to study a proposed cable car route linking the Botanical Gardens to Gurney Bay. Chief Minister Chow Kon Yeow said the study is in its early stages, and the state will assess its viability. 'Gurney Bay is another iconic tourist attraction, therefore it makes sense to connect the Botanical Gardens with Gurney Bay via cable car as well.' He added that the 2.5-kilometre route could become a major tourism draw if feasible. Chow clarified that no final decision has been made on the implementing company yet. Hartasuma, a local rail industry expert, partnered with Doppelmayr Seilbahnen GmbH for the Penang Hill cable car project. The Penang Hill project, awarded via a Public-Private Partnership, will transport 1,400 passengers hourly. The 2.73-kilometre route includes three stations: Garden Station, Turn Station, and Hill Station. A multi-storey car park and commercial plaza are also part of the development. – Bernama
New Straits Times
5 days ago
- Automotive
- New Straits Times
Penang mulls second cable car link between Botanic Gardens and Gurney Bay
GEORGE TOWN: The Penang government has asked Hartasuma Sdn Bhd (Hartasuma) to conduct a feasibility study for a possible cable car project linking Penang Botanic Gardens and Gurney Bay. Chief Minister Chow Kon Yeow said the proposed link would provide another connection between the two major landmarks. "Penang Botanic Gardens and Gurney Bay are about 2.5km apart. "We want to see if it is feasible to have a cable car connection. "This will be a seamless one," he told newsmen here today. Chow said that Hartasuma, which is undertaking the ongoing Penang Hill cable car project, was not the concessionaire for this newly proposed link. "We are only asking them to conduct a study, and we will take it from there," he said. Chow was met after witnessing the signing ceremony for the financing facility of the Penang Hill cable car development between Hartasuma and Bank Pembangunan Malaysia Bhd (BPMB). The RM374.5 million financing facility represents a major step forward for the project as it moves towards full-scale construction. In April last year, Hartasuma, a leading Malaysian homegrown pioneer in the local rail industry with almost 30 years of experience, formally entered into a contract with Doppelmayr Seilbahnen GmbH, a global market leader in ropeway engineering, for the much-anticipated Penang Hill cable car project. The Penang Hill cable car project was successfully awarded to Hartasuma through a Public-Private Partnership (PPP) on a Design, Finance, Build, Operate and Transfer basis, as announced on Dec 14, 2022, with Doppelmayr providing the cable car system. In June last year, Prime Minister Datuk Seri Anwar Ibrahim launched the Penang Hill cable car project, marking a milestone in the state's efforts to enhance Penang's tourism infrastructure, improve connectivity and accessibility to Penang Hill, and transform it into a must-visit historic landmark.
