TRX City Sdn Bhd would like to announce that the Share Sale Agreement (SSA) entered into on 31 December 2015 with Iskandar Waterfront Holdings Sdn Bhd (IWH) and China Railway Engineering Corp (M) Sdn Bhd (CREC) – who on 21 July 2016 assigned its benefits and responsibilities to IWH CREC Sdn Bhd – regarding the sale of 60% of the issued and paid-up capital of Bandar Malaysia Sdn Bhd, has lapsed. This is because, despite repeated extensions being granted, IWH CREC failed to meet the payment obligations outlined in the Conditions Precedent under the SSA. As a result, the share sale agreement between the parties stands null and void with immediate effect. Looking ahead, given a significant appreciation in the value of the Bandar Malaysia land, TRX City’s sole shareholder the Ministry of Finance will now be retaining 100% ownership of the site to ensure that the Malaysian people benefit from its development in its entirety. TRX City will immediately be inviting expressions of interest for the role of master developer of Bandar Malaysia, with full ownership being preserved by the Ministry of Finance. The selection process will involve very strict criteria, including track record, speed of delivery and financial capability for such large scale development. This is to enhance all aspects of Bandar Malaysia, including its role as a business, transport, residential and tourism hub.
my view is that the China Railway ( one of the consortium partners )failed to get the green-light from the Central Government on their investment thru IMDB. This is the reason why they sought extension ( 5 times ) to lobby to get it thru.
IMDB was quoted at that point of time .with the sale of Bandar Malaysia. thier debt woes were be resolved thru this transaction. what Felicity said may not be 100% accurate but who are we to judge.
IMDB is an elephant in a room where nobody knows what's going to happen. but with the cancellation, Bursa is now dowm -15points. Needless to say how's the market believes and we, we ourselves think is 2 different thing.
now that 1MDB and IPIC already got an out of court settlement plan, 1MDB does have the luxury to renegotiate this project for better returns, the arabs would be scrambling for this piece of land. Kang Ho thot they can get the extention forever...
It's easy to shove the blame to the government without knowing the detail terms of the agreement. Yes Felicity, an ongoing agreement can be terminated even after 100 years it was executed. No shocker there. The only shocker is that you can't fathom that.
The question is whether the termination was valid in accordance with the terms of the agreement. That remains a mystery.
Felicity has all of herself to blame for speculating :)
@ Stockmanmy, Gramma mistake. (to fill, not to filled. After "to", should be present tense.) =================================== stockmanmy The 1 MDB hole will still have to filled.......with public money of course. 04/05/2017 11:20
New technology has enabled cars powered by hydrogen or electricity to run as fast as those using petrol. Shell is selling its refineries worldwide n has teamed up with Toyota to build hydrogen filling stations in the US. It only means that oil comsumption is slowing but surely on the decline. SA acknowledged this fact when it started Aramco IPO to obtain funds to diversify. "the stone age ended not for the want of stones and the oil age will end long before the world runs out of oil".
agreed with myportfolio, our country just like china before they open up their economy.other countries are moving forward but we are moving backwards.because we can't compete with other countries so we have to compete within ourselves, so the sharks can't win against them they swindle our own country men
anyway tomoro likely bursa going to test support level at 1750pts cos oil price drop sharply. maybe some speculative and low paid up or some former 2nd board stocks can shine but overall sentiment should be gloomy,beware of oil stocks and blue chips
Malaysia is just too small with only 31 mil population n our competitiveness is diminishing due to external n internal situation.. At the same time, brain drain keeps on happening.. Something drasticust b done b4 too late
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
Posted by moneySIFU > 2017-05-04 11:19 | Report Abuse
I don't agree with Felicity this time. A contract is subject to null & void if any one party fail to observe the terms & conditions of a contract. Simple as that.
If a buyer sign a contract to buy a house but fail to obtain bank loan within stipulated time period, surely vendor can call off the deal according to the terms in the S&P agreement. Nothing is wrong.