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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. ....
Malaysia's US$1.8 billion mega project with China Railway falls through channelnewsasia.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from channelnewsasia.com Daily Mail and Mail on Sunday newspapers.
The Straits Times An artist s impression in 2017 of the Bandar Malaysia project.PHOTO: BROADWAYMALYAN PublishedJul 15, 2021, 12:29 pm SGT https://str.sg/3JjK They can read the article in full after signing up for a free account. Share link: Or share via: Sign up or log in to read this article in full Sign up All done! This article is now fully available for you Read now Get unlimited access to all stories at $0.99/month for the first 3 months. Get unlimited access to all stories at $0.99/month for the first 3 months. including the ST News Tablet worth $398. Let s go! Spin the wheel for ST Read and Win now. ....