Part of a conglomerate controlled by tycoon Vincent Tan, Berjaya Land climbed as much as 25% in early trade today.

Shares of the hotel and gaming company reached the highest in almost three years after The Edge reported that its unit, Berjaya Rail Sdn Bhd, has teamed up with a group of Malaysian and foreign companies in submitting a proposal for the revived project.

Malaysian Resources Corp Bhd (MRCB), which is part of the consortium, and IJM Corp, whose unit is also involved, advanced to the highest in four years.

Berjaya Rail’s chairwoman is Tunku Tun Aminah Sultan Ibrahim, the daughter of Johor’s Sultan Ibrahim Iskandar, who will succeed Malaysia’s current king on Jan 31 under the country’s rotational monarchy.

The Sultan of Johor has been pushing for the revival of the HSR project, which was cancelled in 2021.

Tunku Tun Aminah is also the chairperson of Berjaya Corp Bhd, while Sultan Ibrahim has a direct stake in Berjaya Assets Bhd.

Berjaya Corp, Berjaya Land’s parent, jumped 11% while Berjaya Assets climbed 6%.

Shares of other partners in the consortium also rose. MRCB climbed 10% while IJM advanced as much as 5%.

The consortium also includes national railway firm Keretapi Tanah Melayu Bhd, according to the report. Technical members include Hitachi Rail STS, Hyundai Rotem and DB Engineering & Consulting.

The proposed project will be fully funded by the private sector. A spokesman from MyHSR Corporation Sdn Bhd, the government agency overseeing the project, declined to comment when contacted by Bloomberg News.

It previously said that seven consortiums had submitted bids for the high-speed rail project.