Cross-Border Railways Bill

Mr Deputy Speaker, I beg to move, "That the Bill be now read a Third time."

Sir, at the Second Reading in November last year, the House committed the Cross-Border Railways Bill to a Select Committee.

The Select Committee received five written representations, which were all assessed to be reasonable. They contained relevant queries and feedback relating to the Bill's provisions.

The Select Committee has considered the Bill as well as the written representations received. In addition to the textual alterations to the Bill to reflect the change in citation from year 2017 to 2018 and editorial amendments for accuracy, the Committee has recommended two other amendments in relation to clauses 23 and 28 of the Bill.

The original intent of clauses 23 and 28 was to prevent the railway assets operator and the cross-border train service operator from transferring or assigning their contracts to another party that we did not appoint.

However, based on industry feedback, as well as written representations received, we noted that such clauses may deter private financiers from lending to the Kuala Lumpur-Singapore High Speed Rail Assets Company, or AssetsCo, for which the tender is on-going. This is because the future cash flows under the AssetsCo contract cannot be used as collateral.

To allow genuine financing and yet prevent illicit transfer of the contracts, the Committee has recommended proposed amendments at clauses 23 and 28 of the Bill. These will allow the transfer or assignment of contracts with the Minister for Transport's approval. It strikes a balance between Government oversight and commercial viability.

The Committee's Report was presented to Members of this House on 14 February 2018. With that, Mr Deputy Speaker, Sir, I beg to move.

Question put, and agreed to.

Bill accordingly read a Third time and passed.