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Bandar Malaysia Jv Partners Settle Contractual Obligations to Government

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Bandar Malaysia Jv Partners Settle Contractual Obligations to Government PRESS RELEASE FOR IMMEDIATE RELEASE BANDAR MALAYSIA JV PARTNERS SETTLE CONTRACTUAL OBLIGATIONS TO GOVERNMENT ALL IS CLEAR FOR PROJECT TO TAKE OFF NOW KUALA LUMPUR, SEPTEMBER 15 2020 – 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 the Federal Government by IWH-CREC Sdn Bhd. A total of RM1,24 billion has been paid by IWH-CREC, under the revised share sale agreement and shareholders’ agreement, which includes the 10-per cent deposit and a RM500 million advance payment to TRX City Sdn Bhd, which is wholly owned by Minister of Finance Inc. Under the agreements, IWH-CREC will take up a 60-per cent stake in Bandar Malaysia Sdn Bhd, the project’s master developer, from TRX City, with the remaining 40- per cent held by the Ministry of Finance. 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 also has an interest through Kumpulan Prasarana Rakyat Johor Sdn Bhd (KPRJ), which owns 37-per cent of IWH. Page 1 of 5 At a ceremony today, IWH, led by its executive vice chairman Tan Sri Lim Kang Hoo and CREC Malaysia Chairman Mr Chen ZhiGong handed over a cheque for RM1.24 billion to TRX City Sdn Bhd represented by Dato’ Asri bin Hamidon, witnessed by Minister of Finance YB Senator Dato’ Sri Tengku Zafrul Bin Tengku Abdul Aziz, Minister of Transport Datuk Seri Dr Wee Ka Siong, Ambassador Extraordinary and Plenipotentiary of the People's Republic of China to Malaysia, H.E. Bai Tian and Menteri Besar of Johor, Menteri Besar Datuk Ir Hasni Mohammad. IWH group executive director Mr Lim Chen Herng, together with local dignitaries were amongst those who witnessed the ceremony here. This marks the official fulfilment of IWH-CREC’s initial contractual obligations to the government to kick start work on Bandar Malaysia. Tan Sri Lim said IWH-CREC’s ability to fulfil its commitment to the Federal Government despite the Covid-19 pandemic and its devasting economic consequences, is proof of the JV partners’ confidence in the Bandar Malaysia project. “This is also very significant because it shows that foreign investors are still upbeat and confident about Malaysia and its economy,” he said, adding that Bandar Malaysia would serve as an intelligent new city to draw high impact global finance, technology and entrepreneurial firms. The view was also shared by Mr Chen ZhiGong who said Bandar Malaysia is a testimony of the strong and long-term bilateral relations and economic benefits shared by the people of Malaysia and China. “I am very confident Bandar Malaysia will have a major impact on Malaysia’s economy as it will serve as a hub to further attract high-impact global multinationals,” he said, noting that China-based MNCs have all shown interest in opening their regional headquarters in this new intelligent city. Page 2 of 5 IWH-CREC will shortly invite qualified local and foreign investors, developers, consultants and contractors to submit their proposals to participate in this development. There will be strong opportunities for Bumiputera & Malaysian company participation, while the use of Malaysian construction materials, technologies and local talents will be prioritised. Bandar Malaysia will be home to the proposed Kuala Lumpur-Singapore high-speech rail (HSR) terminal, Express Rail Link (ERL), KTM and Mass Rapid Transit (MRT) Line 2 and 3 and the existing ERL railway which connects Kuala Lumpur International Airport (KLIA) and Kuala Lumpur Sentral transportation hub. The MRT2 have already designated two stations in Bandar Malaysia which is set to be completed by 2021, as well as the Setiawangsa – Pantai Expressway (SPE) formerly known as DUKE 3 slated to be complete by 2021, which is linked to 12 other highways into KL city, will be aligned to Bandar Malaysia. To be developed over 20 years, Bandar Malaysia will shape the future direction of Kuala Lumpur by offering a liveable new lifestyle city with modern infrastructure to become an iconic development within the ASEAN region. In addition to providing Grade A office premises, it will encompass other key components like hotels, shopping, healthcare, education and wellness facilities, as well as a designated 85-acre People’s Park equivalent to New York’s Central Park or London’s Hyde Park. There will also be 10,000 affordable homes within Bandar Malaysia to benefit low-and- medium income groups. The RM140 billion integrated development will feature integrated components covering finance, technology, medical science, education, tourism and entrepreneurship, as well as being an Intelligent City. It is designed to attract Page 3 of 5 multinational corporations and Fortune 500 companies and top 100 finance institutions to relocate their operations here. This will further increase high-income employment opportunity as well as alleviate the brain-drain in the country. This is in line with the government’s policy of offering special tax incentives for various qualified economic sectors to attract MNCs to Malaysia to invest in high-tech and high- value fields. The project is further expected to relieve the Klang Valley’s excess supply of office space and residential properties as these are expected to be filled quickly by foreign companies and their high-skilled workers and expatriates. *** End *** Issued by: IWH CREC Sdn Bhd Date: 15th September 2020 For any enquiries, or any further information regarding the matter above kindly contact:- Amar Hidayat Jason Fong Email: [email protected] Email: [email protected] Tel: 03-4021 5948 About IWH-CREC Sdn Bhd IWH-CREC is a joint venture between Iskandar Waterfront Holdings Sdn BHd (IWH) as well as China Railway Engineering Corp (M) Sdn Bhd (CREC). IWH holds a 60% stake in the JV, with the remaining 40% stake owned by CREC. Page 4 of 5 Forward-Looking Statements The statement included in this press release, other than statements of historical facts, are forward-looking statements. Forward-looking statement generally can be identified by the use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “plan,” “seek,” or “believe.” These forward- looking statements, which are subject to risks, uncertainties, and assumptions, may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations about future event. There are important factors that could cause our actual results, level of activity, performance, or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statement, including, but not limited to our ability to win additional business. Although we believe the expectations reflected in the forward- looking statements are reasonable, we cannot guarantee future result, level of activity, performance, or achievements. You should not rely upon forward- looking statements as predictions of future events. These forward-looking statements apply only as of the date of this press release; as such, they should not be unduly relied upon as circumstances change. Except as required by law, we are not obligated, and we undertake no obligation, to release publicly any revisions to these forward-looking statements that might reflect events or circumstances occurring after the date of this release or those that might reflect the occurrence of unanticipated events. Page 5 of 5 .
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