IWH CREC's deal to buy 60% of Bandar Malaysia terminated
TRX City Sdn Bhd and IWH CREC Sdn Bhd (ICSB) have mutually agreed to terminate a deal for the latter to acquire a 60% stake in Bandar Malaysia Sdn Bhd (BMSB).
The Restated and Amended Share Sale Agreement (RASSA) for the purchase of the 60% stake had lapsed on May 6, 2021.
"TRX City and ICSB had been working together to find solutions to preserve the partnership to realise the common vision of unlocking Bandar Malaysia’s potential," the two companies said in a joint statement today.
"Despite such efforts, to date, the parties have not been able to mutually agree to the terms of the extension of the condition precedent period. Thus, the agreement is now deemed null and void,” the statement said.
ICSB is a joint venture between Iskandar Waterfront Holdings Sdn Bhd (IWH) and China Railway Engineering Corporation (M) Sdn Bhd (CREC).
Under the deal, ICSB had agreed to purchase a 60% stake in Bandar Malaysia for RM7.4bil. The RASSA was executed on Dec 17, 2019.