CHINA General Nuclear Power Corp (CGN), the investment holding company which controls power plant operator Edra Power Holdings Sdn Bhd, is understood to be claiming RM170.33 million from 1Malaysia Development Bhd (1MDB) and the Malaysian government. The amount sought is for unpaid income and value added tax, and other claims in Bangladesh, Egypt and Denmark, the documents viewed by The Edge indicate.
KUALA LUMPUR (July 15): Ekovest Bhd said today it will not proceed with its heads of agreement (HOA) with Iskandar Waterfront Holdings Sdn Bhd (IWH) to buy into the Bandar Malaysia project, following the lapse of Putrajaya s RM7.4 billion sale of 60% in the project to a joint venture of IWH.
On Wednesday, it was announced that IWH-CREC Sdn Bhd s proposed acquisition of 60% in Bandar Malaysia from the Ministry of Finance s TRX City Sdn Bhd (TRXC) for RM7.4 billion lapsed in May as the parties involved did not meet the conditions precedent for the deal.
IWH-CREC is a 50:50 joint venture between IWH and China Railway Engineering Corp (M) Sdn Bhd.
The property project, which was first introduced in 2015, was once shelved by the government back in 2017 after it was abruptly terminated. On Wednesday, the Finance Ministry (MoF) and IWH-CREC Sdn Bhd (ICSB) mutually agreed to terminate the deal for the latter to buy a 60% stake in the Bandar Malaysia project that is located in the former Air Force base in Sungai Besi for RM7.4bil.
PETALING JAYA: It is back to the drawing board for the mammoth multi-billion ringgit Bandar Malaysia project, which experts believe will be resuscitated at a later date.
The property project, which was first introduced in 2015, was once shelved by the government back in 2017 after it was abruptly terminated.
Bandar Malaysia development plan
KUALA LUMPUR: The restated and amended share sale agreement for the acquisition of 60% shares in Bandar Malaysia Sdn Bhd (BMSB) has lapsed on May 6, 2021, since the conditions precedent in the agreement have not been fulfilled by the respective parties within the condition precedent period.
The deal for the sale of 60% shares of BMSB to IWH CREC Sdn Bhd (ICSB), a joint venture between Iskandar Waterfront Holdings Sdn Bhd (IWH) and China Railway Engineering Corp (M) Sdn Bhd (CREC), was executed on Dec 17, 2019.
BMSB is wholly owned by TRX City Sdn Bhd, a 100% subsidiary of the Finance Ministry.
Lim Kang Hoo-linked shares slip as Bandar Malaysia deal lapses theedgemarkets.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theedgemarkets.com Daily Mail and Mail on Sunday newspapers.