Malaysia's $2.4 billion mega project with China Railway falls through

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KUALA LUMPUR (REUTERS) - An equity deal for a planned mega project near Malaysia's capital involving the government, developer Iskandar Waterfront Holdings (IWH) and its Chinese partner will not proceed by mutual agreement, the parties said in a joint statement.

The agreement on a RM7.41 billion ringgit (S$2.4 billion) acquisition for 60 per cent equity in the Bandar Malaysia mixed commercial project by IWH and its partner China Railway Engineering Corp (CREC) lapsed on May 6 after a failure to meet conditions, the statement issued on Wednesday (July 14) said.

Bandar Malaysia was due to house the terminal for the now-scrapped high-speed rail link between Kuala Lumpur and Singapore. The project, owned by TRX City, a subsidiary of the Ministry of Finance, was initially announced in 2011, cancelled in 2017 and reinstated in April, 2019.


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