IWH CREC to ink deal for Bandar Malaysia on Tuesday


  • Corporate News
  • Friday, 13 Dec 2019

Bandar Malaysia, which is expected to have an estimated gross development value of RM140bil, will fortify Kuala Lumpur’s position as one of Asia’s leading financial hub, according to a statement issued on Friday about the signing ceremony.

KUALA LUMPUR: IWH CREC consortium, a joint venture between Iskandar Waterfront Holdings Sdn Bhd (IWH) and China Railway Group Ltd (CREC) will hold a signing ceremony for the Bandar Malaysia development on Tuesday.

Bandar Malaysia, which is expected to have an estimated gross development value of RM140bil, will fortify Kuala Lumpur’s position as one of Asia’s leading financial hub, according to a statement issued on Friday about the signing ceremony.

There will be a share sale agreement and shareholder's agreement signing which will be witnessed by Prime Minister Tun Dr Mahathir Mohamad, China's ambassador to Malaysia Bai Tian, Finance Minister Lim Guan Eng, and the president of China Railway Engineering Ltd, Chen Yun.

IWH-CREC Sdn Bhd, in which IWH has a 60% stake, is the master developer of the Bandar Malaysia project. The project will be jointly developed by the Minister of Finance and IWH-CREC.

IWH, Tan Sri Lim Kang Hoo's investment vehicle, had on Nov 26 signed a RM371mil facility agreement with CIMB to part finance the investment by IWH-CREC consortium in the Bandar Malaysia project.

Two companies linked to Lim rallied on Friday.

At 3.30pm, Ekovest was up 10 sen to 91 sen with 252.64 million shares done. Iskandar Waterfront City Bhd jumped 12.5 sen to RM1.03 with 81.70 million shares traded.

The FBM KLCI was up 7.42 points or 0.47% to 1,574.76. Turnover was 1.93 billion shares valued at RM1.21bil. There were 419 gainers, 360 losers and 366 counters unchanged.


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