1 MDB shortfall fails deadline : RM 12.35 B + RM 7.4 B is not equal USD 5 B ,and counting .............


by Ganesh Sahathevan 
The deadline has arrived, the deals have been done ,and the rough tally stands at  RM 12.35 B + RM 7.4 B  equals RM 19.75 B , which  is not equal USD 5 B ,and counting .............stories below tell the tale:






IPIC re-issues 30 June accounts ,which EY has "reviewed" but cannot express an opinion-Details on 1 MDB debt suggest an indeterminate sum north of USD 5 billion




1MDB to sell 60% of Bandar Malaysia to Iskandar, China group for RM7.4 billion




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

‎The stake was sold to a consortium comprising Iskandar Waterfront Holdings Sdn Bhd (IWH) and China Railway Engineering Corporation (M) Sdn Bhd, said 1MDB.

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.

The consortium valued the total Bandar Malaysia land at RM12.35 billion, said 1MDB.

Its president and group executive director, Arul Kanda Kandasamy, previously said the land would cost at least RM11.5 billion.

The IWH-CREC Sdn Bhd consortium is a 60:40 joint venture between IWH and CREC. – December 31, 2015.




Malaysia’s 1MDB to Sell Energy Assets to China Nuclear Firm
1MDB is selling its power plants to China General Nuclear Power Corp. for $2.3 billion in cash

China General Nuclear Power Corp. is purchasing all of the energy assets of 1Malaysia Development Bhd., or 1MDB, for 9.83 billion Malaysian ringgit ($2.3 billion) in cash. Those assets, known as Edra, consist of 13 power plants across five countries from Malaysia to Egypt and Bangladesh. China General Nuclear will also assume an unspecified amount of debt as part of the deal.

The purchase price appears to be below what 1MDB paid for the assets, though the sale could help 1MDB repay some of its massive debt burden. 1MDB’s travails have put Malaysian Prime Minister Najib Razak in the spotlightwhile hammering investor confidence in the commodities-exporting Southeast Asian nation at a time when it is suffering from fund outflows and falling oil prices.

The pending deal has been highly anticipated because it would help determine if 1MDB did overpay for the assets. The fund paid roughly 12 billion ringgit for the plants in 2012, and valued them at around $4 billion in a planned initial public offering earlier this year.

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