<div class=newsTextDataWrapInner><p>KUALA LUMPUR (Dec 31): 1Malaysia Development Bhd (1MDB) has agreed to sell 60% of its equity‎ in Bandar Malaysia Sdn Bhd for RM7.41 billion ($1.6 billion), as part of its rationalisation plan to reduce its RM45 billion debt, it says today.</p></div>

<div class=newsTextDataWrapInner><p>The stake was sold to a consortium comprising Iskandar Waterfront Holdings Sdn Bhd (IWH) and China Railway Engineering Corporation (M) Sdn Bhd, said 1MDB.</p></div>

<div class=newsTextDataWrapInner><p>1MDB will receive a 10% deposit, or RM741 million, upon the execution of the share sale and purchase agreement, and the transaction is expected to be completed by end of June 2016.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>The consortium valued the total Bandar Malaysia land at RM12.35 billion, said 1MDB.</p></div>

<div class=newsTextDataWrapInner><p>Its president and group executive director, Arul Kanda Kandasamy, previously said the land would cost at least RM11.5 billion.</p></div>

<div class=newsTextDataWrapInner><p>The IWH-CREC Sdn Bhd consortium is a 60:40 joint venture between IWH and CREC.</p></div>


KUALA LUMPUR (Dec 31): 1Malaysia Development Bhd (1MDB) has agreed to sell 60% of its equity‎ in Bandar Malaysia Sdn Bhd for RM7.41 billion ($1.6 billion), as part of its rationalisation plan to reduce its RM45 billion debt, it says today.

The stake was sold to a consortium comprising I...

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The fatal collision between two Royal Malaysian Navy helicopters that killed 10 personnel abroad could be due to a failure in the critical points of the aircraft structure, aviation expert Assoc Prof Maj Dr Mohd Harridon Mohamed Suffian said.

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<p>Construction and engineering contractor Crest Builder Holdings Bhd said it had secured a condominium project valued at RM486 million in Mont Kiara. &nbsp;</p>

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<p>Here is a brief recap of some business news and corporate announcements that made the headlines on Tuesday.</p>


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<p>KomarkCorp Bhd, which lost its defamation suit against The Edge Communications Sdn Bhd in the High Court last month, is appealing against the court's decision, which found that the media company had not defamed it in an article about the manipulation of penny stocks that was published nearly three years ago.</p>


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<p>Comfort Gloves Bhd said there was a fire at the glove maker’s newly-built three storey warehouse and packing department in Taiping, Perak on Tuesday morning.</p>

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<p>The Malaysian Oil, Gas &amp; Energy Services Council (MOGSC) has called on oil and gas (O&amp;G) stakeholders, especially financial institutions, not to write off O&amp;G services and equipment (OGSE) players in the energy transition agenda, as they still have a role to play.</p>


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