By Khairie Hisyam
Self-styled strategic development company 1Malaysia Development Bhd (1MDB) is selling its majority stake in Bandar Malaysia development project to a consortium led by Iskandar Waterfront Holdings (IWH) in a deal that values the project at RM12.35 billion.
The consortium, a 60:40 joint venture between IWH and China Railway Engineering Company Corporation (M) Sdn Bhd (CREC), will be paying RM7.41 billion for a 60% stake in the project, according to a statement issued at its signing ceremony this morning.
1MDB will receive a 10% deposit upon signing the SPA this morning and said the transaction is expected to be completed by end-June 2016.
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