Deal for Bandar Malaysia Project in Malaysia Cancelled
Reuters reported that an equity deal for a planned mega project near Malaysia's capital involving the government, developer Iskandar Waterfront Holdings and its Chinese partner will not proceed by mutual agreement. The agreement on USD 1.77 billion acquisition for 60% equity in the Bandar Malaysia mixed commercial project by IWH and its partner China Railway Engineering Corp lapsed on May 6 after a failure to meet conditions.
TRX City said it remained committed to the project, and that "any future business and commercialization plans will take into account market conditions and the national socio-economic agenda".
Bandar Malaysia was due to house the terminal for the now-scrapped high-speed rail link between Kuala Lumpur and Singapore. The project, owned by TRX City, a subsidiary of the Ministry of Finance, was initially announced in 2011, cancelled in 2017 and reinstated in April, 2019.