Govt will invite major developers to develop Bandar Malaysia
Published on: Friday, May 05, 2017
Putra Jaya: The termination of the share sale agreement (SSA) for Bandar Malaysia will not affect the government's long-term plans for 1Malaysia Development Bhd's (1MDB) rationalisation and the development of Bandar Malaysia, said Minister in the Prime Minister's Department, Datuk Seri Abdul Rahman Dahlan.Commenting on the SSA termination, he said the government would invite both local and foreign companies with good and comprehensive plans to become the main developer for Bandar Malaysia development projects."We have been informed by Prime Minister Datuk Seri Najib Tun Razak in a Cabinet meeting that the successor company will be invited to be the new main developer or investor for Bandar Malaysia. I do not know in detail," he said after receiving a courtesy call from Japan's Land, Infrastructure, Transport and Tourism Minister, Keiichi Ishii, at his office here Thursday.
ADVERTISEMENT
Yesterday, TRX City Sdn Bhd announced that the Bandar Malaysia SSA with Iskandar Waterfront Holdings Sdn Bhd (IWH) and China Railway Engineering Corp (M) Sdn Bhd (CREC) involving 60 per cent of the issued and paid-up capital of Bandar Malaysia Sdn Bhd has lapsed due to failure of the purchasing companies to fulfil payment obligations.It was reported that the consortium, IWH-CREC Sdn Bhd, had failed to pay RM7.42 billion for the 60 per cent stake despite it being granted repeated extensions since December 2015.According to TRX City, the Finance Ministry would continue to retain 100 per cent ownership in Bandar Malaysia and would ensure the development of the property would truly provide benefits to the Malaysian people."The termination will not affect our plans...We also terminate the agreement. Give us some time to resolve this.
ADVERTISEMENT
Stay up-to-date by following Daily Express’s Telegram channel.
Daily Express Malaysia
