Rail News
Malaysia's US$1.8 billion mega project with China Railway falls through
Channel News Asia
15 Jul 2021 (Malaysia)
KUALA LUMPUR: An equity deal for a planned mega project near Malaysia's capital involving the government, developer Iskandar Waterfront Holdings (IWH) and its Chinese partner will not proceed by mutual agreement, the parties said in a joint statement.
The agreement on an RM7.41 billion (US$1.77 billion) acquisition for 60 per cent equity in the Bandar Malaysia mixed commercial project by IWH and its partner China Railway Engineering Corp (CREC) lapsed on May 6 after a failure to meet conditions, the statement issued on Wednesday (Jul 14) said.
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.
The statement said parties had been working to find solutions to preserve the partnership.
Source:
https://www.channelnewsasia.com/news/business/malaysia-china-railway-bandar-project-iskandar-waterfront-cancel-15224636
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