IWH-CREC pays RM1.24b to TRX City, Bandar Malaysia officially kicks off

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Bandar Malaysia, the single largest city development in the region, is now ready to take off with the settlement of the RM1.24 billion payment due to TRX City Sdn Bhd (TRXC), a wholly-owned subsidiary of the Minister of Finance Incorporated (MoF Inc) by IWH-CREC Sdn Bhd. In a statement today, IWH-CREC said the paid amount was under the revised share sale agreement and shareholders' agreement, which include the 10 percent deposit and a RM500 million advance payment to TRXC. Under the agreements, the company will take up a 60 percent stake in Bandar Malaysia Sdn Bhd, the project's master developer, from TRXC, which will hold the remaining 40 percent. IWH-CREC is a joint venture between Iskandar Waterfront Holdings Sdn Bhd (IWH) and China state-owned enterprise, China Railway Engineering Corporation (CREC). The Johor state government has an interest through Kumpulan Prasarana…