Deal for Bandar Malaysia Project in Malaysia Cancelled
Reuters reported that an equity deal for a planned mega project near Malaysia s capital involving the government, developer Iskandar
27 Jul, 2021, 4:30 am
Reuters reported that an equity deal for a planned mega project near Malaysia s capital involving the government, developer Iskandar Waterfront Holdings and its Chinese partner will not proceed by mutual agreement. The agreement on USD 1.77 billion acquisition for 60% equity in the Bandar Malaysia mixed commercial project by IWH and its partner China Railway Engineering Corp lapsed on May 6 after a failure to meet conditions.
TRX City said it remained committed to the project, and that any future business and commercialization plans will take into account market conditions and the national socio-economic agenda .
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.
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