<div class=newsTextDataWrapInner>KUALA LUMPUR (May 29): 1Malaysia Development Bhd (1MDB), which is wholly-owned by the Ministry of Finance (MoF), will spin off Tun Razak Exchange (TRX) and Bandar Malaysia into standalone companies, as part of its rationalisation plan which will be implemented in full by early next year. 
 
In a statement today, Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah likened the units to 1MDB's power arm Edra Global Energy Bhd, which has full autonomy and accountability for its operational and financial performance. 
 
Earlier this morning, he had presented a plan for the rationalisation of 1MDB to the Cabinet. 
 
Ahmad Husni also revealed that while options are being pursued with respect to the monetisation of Edra Energy, the MoF will remain a key shareholder in TRX and Bandar Malaysia. 
 
The MoF also plans to raise equity through third party investors, for capital expenditure and to reduce 1MDB’s debt, he said. 
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KUALA LUMPUR (May 29): 1Malaysia Development Bhd (1MDB), which is wholly-owned by the Ministry of Finance (MoF), will spin off Tun Razak Exchange (TRX) and Bandar Malaysia into standalone companies, as part of its rationalisation plan which will be implemented in full by early next year.
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1MDB to spin off TRX, Bandar Malaysia into separate units, with complete autonomy and accountability

Mobvoi Inc, a Chinese artificial intelligence (AI) developer backed by Alphabet Inc’s Google, dropped as much as 22% in its first day of trading in Hong Kong, marking the third stock debut to flop in the city this week.

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Hong Kong is set to follow in the footsteps of the US by listing a batch of cryptocurrency exchange-traded funds (ETFs), providing a window on whether the city is making progress on fashioning a hub for digital assets.

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STOCKHOLM (April 24): Swedish automaker Volvo Cars reported a rise in first-quarter adjusted operating earnings on Wednesday, helped by lower material costs and higher volumes.

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E-government services provider MyEG Services Bhd has inked an agreement to collaborate on the launch of a virtual asset fund or Hong Kong virtual assets exchange-traded fund (ETF) products.

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Rakuten Trade said NationGate Holdings Bhd may extend its upward trajectory after breaking out from its one-month rectangular pattern on Tuesday.

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One of the world’s busiest land checkpoints is set to become less congested as Malaysians travelling to Singapore on factory buses will be able to clear immigration through QR code.

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This was supposed to be the year that Vietnam reaped the benefits from one of its largest natural gas discoveries.

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