Deadline For IWH-CREC To Settle Outstanding Deposit For Bandar Malaysia Stake Extended | Market News | PropertyGuru.com.my
Finance Minister Tengku Datuk Seri Zafrul Aziz said the deadline was extended by four-and-a-half months – or from 30 April to 15 September, reported The Edge Markets.
In a written reply to a parliament question on the status of the payment, Tengku Zafrul said IWH-CREC has paid TRX City RM148.2 million or 2% of the RM6.45 billion net proceeds from the equity stake sale so far.
“The balance of the sale proceeds will be received in stages up until 2023,” said the minister as quoted by The Edge Markets.
A fully-owned unit of the Minister of Finance Inc, TRX City is the parent company of Bandar Malaysia Sdn Bhd (BMSB), which in turn is the master developer of the 197ha Bandar Malaysia development in Jalan Sungai Besi.
On 17 December 2019, TRX City sold 60% stake in BMSB for RM7.41 billion to IWH-CREC.
Thursday, 23 July 2020
Deadline For IWH-CREC To Settle Outstanding Deposit For Bandar Malaysia Stake Extended | Market News | PropertyGuru.com.my
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