Johor Eastern Dispersal Link Expressway

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In June 2007, through direct negotiation with the Works Ministry, Malaysian Resources Corp Bhd (MRCB) signed a 34-year contract to design, construct, maintain, operate and manage the Eastern Dispersal Link (EDL) expressway in Johor worth MYR 977 million(US$ 425 million). The construction of the EDL expressway would help ease congestion at Jalan Tebrau, as it would stretch about 8.1km and be an open toll system with a dual three-lane carriageway providing direct link between the new Customs, Immigration and Quarantine (CIQ) complex in Tanjung Puteri and the North-South Expressway via the Pandan interchange in Johor Baru. The construction was estimated to take 3.5years, or by 2011, including land acquisition. The project also involved the installation of integrated traffic surveillance and control system, street lighting and a traffic information system. In June 2008, MRCB raised MYR 1065 million (US$ 327 million) of debt financing for the project. Financing was done in two tranches, which were an MYR 220 million loan and an MYR 845 million Islamic sukuk issue that was an istisna. Arrangers to the loan were CIMB and HSBC and leads for the bond issue were CIMB, HSBC and RHB Bhd. EDL opened in April 2012.