1Malaysia Development Bhd (1MDB) agreed to sell its 60 percent stake in a Kuala Lumpur property project to a joint venture between Iskandar Waterfront Holdings Sdn and China Railway Construction Corp (中國鐵建) for 7.41 billion ringgit (US$1.7 billion), moving closer to winding down and selling assets after rising debt raised investor concern.
The property project known as Bandar Malaysia Sdn is valued at 12.35 billion ringgit, according to a statement from the state-owned investment company. Iskandar Waterfront, a company owned by Malaysian tycoon Lim Kang Hoo (林剛河), stands to own 60 percent of the joint venture, while China Railway stands to own the remainder.
The announcement of the deal, which is expected to be completed by June, comes more than a month after 1MDB agreed to sell its power assets to China General Nuclear Power Corp (中國廣核集團) for 9.83 billion ringgit. The Malaysian fund, whose advisory board is headed by Malaysian Prime Minister Najib Razak, announced plans in February to unwind its assets after it drew criticism from lawmakers for accumulating about 42 billion ringgit of debt in its less than five years of existence.
Photo: Reuters
The Iskandar Waterfront-China Railway group beat a consortium involving businessman Desmond Lim (林曉春) and Qatari investors that also bid for the project.
Bandar Malaysia is a mixed-property project encompassing a 196.7 hectare site, said a Nov. 12 statement published on the company’s Web site.
The development is also to host terminals for the Singapore-Kuala Lumpur high-speed rail and offer future access to major highway networks. The project is scheduled to be developed over 15 to 25 years at an estimated sale value of 150 billion ringgit, 1MDB said yesterday.
1MDB faced cash-flow problems after a planned initial public offering of its energy unit was delayed amid unfavorable market conditions, president Arul Kanda said on Oct. 31. The listing was later canceled as the company opted to sell the assets.
1MDB has also been the subject of investigations related to allegations of financial irregularities, although an initial Auditor General’s report did not reveal any suspicious activity. Najib has resisted calls from former Malaysian prime minister Mahathir Mohamad to step down over the fund’s performance.
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