June 15, 2024

New Malaysia Times

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Bandar Malaysia deal lapsed on May 6

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KUALA LUMPUR, July 14 — The Restated and Amended Share Sale Agreement (RASSA) for the acquisition of 60 percent shares in Bandar Malaysia Sdn Bhd (BMSB) has lapsed on May 6, 2021, since the conditions precedent in the agreement has not been fulfilled by the respective parties within the condition precedent period.

The RASSA for the sale of 60 percent shares of BMSB to IWH CREC Sdn Bhd (ICSB), a joint venture between Iskandar Waterfront Holdings Sdn Bhd (IWH) and China Railway Engineering Corporation (M) Sdn Bhd (CREC), was executed on Dec 17, 2019.

BMSB is wholly owned by TRX City Sdn Bhd, a 100 percent subsidiary of the Ministry of Finance.

“TRX City and ICSB had been working together to find solutions to preserve the partnership to realize the common vision of unlocking Bandar Malaysia’s potential.

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“Despite such efforts, to date, the parties have not been able to mutually agree to the terms of the extension of the condition precedent period. Thus, the agreement is now deemed null and void,” according to a joint statement by TRX City, IWH and CREC today.

It said TRX City remain committed to realise the Bandar Malaysia vision and any future business and commercialisation plans would take into account market conditions and the national socio-economic agenda to ensure that it continued to play its role as a significant economic enabler that would add substantive benefits for the country.

It added that China Railway Group Ltd would continue to work closely with TRX City in respect to any future co-operation in Malaysia and IWH would continue to support the Malaysian Government in nation-building.