KUALA LUMPUR (Nov 22): Iskandar Waterfront Holdings Sdn Bhd (IWH) has secured a RM371 million financing facility from CIMB Bank Bhd to part finance the investment by a consortium comprising IWH and China Railway Group Ltd (CREC) in the Bandar Malaysia project.
IWH-CREC is Bandar Malaysia's master developer, and owns 60% of the project, with the remaining stake held by the Ministry of Finance.
The facility agreement was signed today, making CIMB the first local bank to participate in the project, IWH said in a statement.
The statement quoted IWH executive vice-chairman Tan Sri Lim Kang Hoo as saying that given the strategic location of Bandar Malaysia, the company is highly confident that the project has the prospects of becoming the country's foremost integrated transportation and financial hub.
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