To recap, Najib abruptly pulled the brakes on the deal for TRX City Sdn Bhd, a former subsidiary of 1Malaysia Development Bhd (1MDB) then, to divest its 60% equity stake to IWH-CREC Sdn Bhd on May 3, 2017. IWH-CREC will acquire a 60% stake in Bandar Malaysia Sdn Bhd, which is wholly owned by the Ministry of Finance, for RM7.41 billion. IWH-CREC is a 60:40 joint venture (JV) between Iskandar Waterfront Holdings Sdn Bhd (IWH) and state-owned China Railway Engineering Corp (M) Sdn Bhd (CREC). Businessman Tan Sri Lim Kang Hoo holds a 63% stake in IWH, while Kumpulan Prasaran Rakyat Johor Sdn Bhd owns the remaining 37%. The commencement of the Bandar Malaysia project has raised concern that it will worsen the property glut in the Klang Valley.

Source: The Edge Markets April 24, 2019 01:06 UTC