KUALA LUMPUR: IWH CREC Sdn Bhd (ICSB) says it had fulfilled all the required payment obligations under the share sale agreement with TRX City Sdn Bhd (TRX) over the multi-billion ringgit Bandar Malaysia development.
“ICSB has sufficient financial resources and capabilities to ensure the smooth and successful execution and implementation of the development of Bandar Malaysia,” it said on Friday.
ICSB said TRX’s allegation that the share sale agreement (SSA) has lapsed, runs contrary to the conduct of the parties in progressing the SSA towards its completion in accordance with the spirit of the SSA thereof.
Below is the statement issued by ICSB:
KUALA LUMPUR, 5 MAY 2017 – On 3rd May 2017, IWH CREC Sdn Bhd (ICSB) received a letter from TRX City Sdn Bhd (TRX) informing that the Share Sale Agreement (SSA) dated 31st December 2015 entered into between parties, has lapsed on the ground of non-fulfilment of the conditions precedent.
After a detailed and thorough review of ICSB’s and TRX’s respective obligations under the SSA including the agreed process/milestones with regard to fulfilment thereof, and relevant records, ICSB is of the view that TRX’s allegation that the SSA has lapsed, runs contrary to the conduct of the parties in progressing the SSA towards its completion in accordance with the spirit of the SSA thereof.
Prior to ICSB’s receipt of the TRX letter, TRX was aware that ICSB has complied with the conditions precedent and accordingly the SSA has become unconditional.
ICSB has officially requested TRX for Completion of the SSA. To-date, ICSB has fulfilled all the required payment obligations under the SSA on its part towards TRX.
ICSB has sufficient financial resources and capabilities to ensure the smooth and successful execution and implementation of the development of Bandar Malaysia.
ICSB has written to TRX to express that TRX’s unilateral declaration that the SSA has lapsed is unacceptable. ICSB reserves all its rights in this matter.
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