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Non-payment sinks sale of Bandar Malaysia to IWH, China Railway

Malaysia to retain full ownership in move that surprises many as there had been no signs deal had gone awry

Published Wed, May 3, 2017 · 09:50 PM

Kuala Lumpur

MALAYSIA plans to retain full ownership of Bandar Malaysia following the shock voiding of a share sale agreement with consortium Iskandar Waterfront Holdings Sdn Bhd and China Railway Engineering Corporation Sdn Bhd (CREC) on the grounds of non-payment.

TRX City Sdn Bhd (formerly known as 1MDB Real Estate Sdn Bhd) announced the deal it had entered into on Dec 31, 2015, with IWH CREC Sdn Bhd for the sale of 60 per cent of the issued and paid-up capital of Bandar Malaysia Sdn Bhd had lapsed.

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