IWC enters SPA with Knusford Resources to dispose of land worth RM53 24mil thestar.com.my - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thestar.com.my Daily Mail and Mail on Sunday newspapers.
KUALA LUMPUR: Iskandar Waterfront City Bhd (IWCity) has decided not to appeal to Bursa Malaysia Securities Bhd’s rejection of the company’s relief application but instead will focus on improving its business operations within the 12-month regularisation period.
BUSINESSMAN Tan Sri Lim Kang Hoo is understood to be looking to take over Adil Permata Sdn Bhd, the company given the mandate to build a RM3.7 billion rail link connecting Bukit Chagar in Johor Baru to Woodlands in Singapore, dubbed the Rapid Transit System Link (RTS Link), sources say. “It’s a matter of fulfilling some conditions (precedents), then he will take over Adil Permata. From what we gather, it’s a done deal,” one source says. Another source from Johor says he has heard that Lim was brought in to speed things up at the RTS Link.
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.
Many U-turns: The KL-SG HSR booth at the Malaysian International Trade Exhibition Centre in 2017. The project has undergone a series of amended decisions under different governments.
THE Kuala Lumpur-Singapore High Speed Rail (HSR) bilateral agreement was officially terminated after the top leaders of Malaysia and Singapore agreed to let the deal lapse on New Year’s Eve, but this mega project may not be dead and forgotten.
In fact, this economically significant rail project may be revived once Malaysia sorts out its economic predicament brought about by the Covid-19 pandemic and political chaos.
Touted as a possible major game-changer for Malaysia and Singapore, voices against the project cancellation are unlikely to subside as the financial interests of many private groups and the two economies will be affected.