Deals
1MDB to Sell Malaysian Property Project Stake for $1.7 Billion
- Iskandar Waterfront-China Railway Group to buy 60% of project
- Bandar Malaysia stake sale to be completed by June: statement
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1Malaysia Development Bhd. agreed to sell its 60 percent stake in a Kuala Lumpur property project to a joint venture between Iskandar Waterfront Holdings Sdn. and China Railway Construction Corp. for 7.41 billion ringgit ($1.7 billion), moving closer to winding down and selling assets after rising debt raised investor concern.
The property project known as Bandar Malaysia Sdn. is valued at 12.35 billion ringgit, according to a statement from the state-owned investment company. Iskandar Waterfront, a company owned by Malaysian tycoon Lim Kang Hoo, will own 60% of the joint venture, while China Railway will own the remainder.