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Bloomberg
Malaysia signed a deal with developers to restart the $34 billion Bandar Malaysia project which languished for years after being conceived under the oversight of troubled state fund 1MDB.
A consortium comprising Iskandar Waterfront Holdings Sdn and China Railway Engineering Corp will acquire 60% stake in the venture for 6.45 billion ringgit ($1.6 billion). That’s based on Bandar Malaysia’s 12.35 billion ringgit land value and accounts for its 1.6 billion ringgit outstanding debt. The joint venture known as IWH-CREC Sdn will make payments over three years instead of the earlier agreed seven.
“It is my fervent hope that the project will be successful and our people will reap the benefits that it brings about,†prime minister Mahathir Mohamad said after witnessing the signing of the agreement in the administrative capital of Putrajaya.