PETALING JAYA: Citaglobal Bhd has entered into a consortium agreement with Reneuco Bhd to set up a special purpose vehicle (SPV) company for activities relating to the East Coast Rail Link (ECRL) project’s independent power producer (IPP).

Pursuant to the consortium agreement, Citaglobal said the parties have mutually agreed to restructure their shareholding in the consortium SPV company for the ECRL IPP project to 60:40 respectively.

“The parties acknowledged and agreed Citaglobal shall lead the negotiations as the controlling shareholder in the consortium SPV company with Malaysia Rail Link Sdn Bhd to finalise the terms and conditions for the ECRL IPP project,” said Citaglobal in a Bursa Malaysia filing.

Citaglobal and Reneuco received and accepted a letter of intent to become the IPP for the ECRL project in December last year.