IWH, China Railway consortium rejects TRX's termination of Bandar Malaysia deal

Kuala Lumpur

IWH CREC Sdn Bhd (ICSB) is contesting Putrajaya's contention that the share sale agreement (SSA) in relation to Bandar Malaysia Sdn Bhd has lapsed, adding that it finds the "unilateral declaration" by the latter's unit TRX City to be "unacceptable" and against the spirit of the contract.

The Malaysian-Sino consortium maintains it has fulfilled the required payment obligations under the SSA to acquire 60 per cent of the company, and that it has "sufficient financial resources and capabilities to ensure the smooth and successful execution and implementation" of the development.