By KINIBIZ
In a report by Reuters today citing Singapore’s Business Times, Abu Dhabi’s International Petroleum Investment Co (IPIC) is considering pulling out of a plan to help restructure 1Malaysia Development Bhd’s debt.
1MDB has responded to the report with statement strongly denying that the restructuring plan has been called off. The statement below 1MDB is reproduced in full below:
We note a speculative article carried by The Singapore Business Times this morning which relies on a conversation with an unnamed source to suggest that 1MDB’s binding agreement with IPIC is ‘as good as off’. 1MDB strongly denies this unproven allegation. We in fact confirm that 1MDB remains engaged in discussions with IPIC, to conclude the transaction per the terms as officially announced by IPIC to the London Stock Exchange on 10 June 2015.
1MDB is disappointed that a hitherto respectable and licensed publication such as the Singapore Business Times appears to carry a story based solely on unproven remarks by an unnamed individual. Such speculative reporting, which has no grounding in the facts, is clearly unprofessional and unnecessary.
1MDB is focused on the successful implementation of its rationalisation plan. This is proven through the various official announcements made to date on the binding term sheet executed with IPIC, the shortlisting of selected bidders for monetisation of Edra Energy and the ongoing sale process for Bandar Malaysia. We reaffirm our commitment to the success of the rationalisation plan and will continue to issue official progress updates on a regular basis.
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