Wednesday, May 3rd, 2017

 

TRX City consortium on Bandar Malaysia lapsed

TRX City Sdn Bhd would like to announce that the Share Sale Agreement (SSA) entered into on 31 December 2015 with Iskandar Waterfront Holdings Sdn Bhd (IWH) and China Railway Engineering Corp (M) Sdn Bhd (CREC) – who on 21 July 2016 assigned its benefits and responsibilities to IWH CREC Sdn Bhd – regarding the sale of 60% of the issued and paid-up capital of Bandar Malaysia Sdn Bhd, has lapsed. This is because, despite repeated extensions being granted, IWH CREC failed to meet the payment obligations outlined in theRead More


Sterling’s election-led bounce breaks developing spiral

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China to step up crackdown on illegal forex deals

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‘Kong’, ‘Lego Batman’ success drives Time Warner’s profit beat

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Iskandar Waterfront, CREC no longer master developers of Bandar Malaysia

PETALING JAYA: Iskandar Waterfront Holdings Sdn Bhd (IWH) and China Railway Engineering Corperation (M) Sdn Bhd (CREC) are no longer the master developers of the RM200 billion Bandar Malaysia project due to their failure to meet the payment obligations, according TRX City Sdn Bhd, a unit under the Ministry of Finance (MOF).

“This is because, despite repeated extensions being granted, IWH-CREC failed to meet the payment obligations outlined in the conditions precedent under the share sale agreement (SSA). As a result, the SSA between the parties stands null and void with immediate effect,” TRX City said in a statement yesterday.

The acquisition of a 60% stake in Bandar Malaysia by IWH-CREC from 1Malaysia Development Bhd (1MDB) for RM7.41 billion was first announced in December 2015. This was part of 1MDB's efforts to pare down its debts through asset monetisation exercise.

Following the abortion of the deal, TRX City said it will be immediately inviting expressions of interest for the role of master developer of Bandar Malaysia.


F&N sees higher Q2 pre-tax profit of RM116.8m

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