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Thursday, December 31, 2015

Remaining 40pct Bandar M'sia stake may go to Finance Ministry



The remaining 40 percent stake of the Bandar Malaysia Sdn Bhd that still belongs to 1MDB may be transferred to the Finance Ministry, according to 1MDB president Arul Kanda Kandasamy.
Transferring the stake to the Finance Ministry is just one of the options they are considering, he clarified, speaking at a press conference at a hotel in Kuala Lumpur today.
"At the moment, no final decision has been made.
"It is an option as envisaged under the rationalisation plan, as announced in June 2015," Arul Kanda said.
He stressed that for now, no decision has been made on what to do with the remaining 40 percent stake.
Earlier today, 1MDB announced it was selling 60 percent stake of Bandar Malaysia worth RM7.41 billion to a consortium consisting of Iskandar Waterfront Holdings and China Railway Engineering Corporation Sdn Bhd.
1MDB, which is 100 percent owned by the Finance Ministry, has been plagued with controversies, including a debt of RM42 billion.
The state fund devised a rationalisation plan, which was announced in June this year, with the promise that it will solve its woes by the end of the year.
One of the goals in the rationalisation plan was for their subsidiaries to eventually become standalone companies.
Today, on the last day of the year, Arul Kanda said the 60 percent stake sale was the final piece of the puzzle of their rationalisation plan.
During the press conference, reporters were told to focus on questions related to the agreement between 1MDB and the consortium.
Arul Kanda was queried on other matters, but sidestepped several questions related to problems faced by the state funds. -Mkini

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