IWH CREC takes termination of Bandar Malaysia agreement ‘very seriously’

Prime Minister Datuk Seri Mohd najib tun Razak being briefed by Executive Vice Chirman of Iskandar Waterfront holdings Tan Sri Lim Kang Hoo ( fourth from right ) at the signing ceremony for bandar Malaysia development in Kuala Lumpur. Also present are from left Datuk Wee Kar Siong, China's Ambassador Huang HuiKang , Johor MB Datuk Seri Khalid Nordin. 9

KUALA LUMPUR: IWH CREC Sdn Bhd (ICSB), the consortium of Iskandar Waterfront Holdings Sdn Bhd (IWH) and China Railway Engineering Corp (M) Sdn Bhd (CREC), takes the termination of the Bandar Malaysia development agreement very seriously.

IWH CREC said in a statement that it was reviewing, together with its advisors and legal counsel, the content of the termination notice and press statement issued by TRX City Sdn Bhd.

Below is the full statement:

IWH CREC Sdn Bhd (ICSB) has today received a notice of termination issued by TRX City Sdn Bhd (TRXCSB) in relation to the share sale agreement entered into between ICSB and TRXCSB on 31 December 2015 (termination notice).

ICSB is concerned with the content of the termination notice and the subsequent press release issued by TRXCSB, which, given the factual matrix, does not fully and accurately reflect the circumstances and conduct of the parties in this matter. 

ICSB takes this matter very seriously and is at present reviewing the content of the termination notice and press release, with its advisors and legal counsel. A further announcement on this matter will be made in due course.

Click here for the statement issued by TRX City Sdn Bhd: https://goo.gl/ftI4qs