KUALA LUMPUR, May 3 — IWH CREC Sdn Bhd (ICSB), which has received a notice of termination issued by TRX City Sdn Bhd (TRX), is concerned over the content of the termination notice with regards to the Bandar Malaysia development agreement and the subsequent press release issued by the latter.
In a statement today, ICBS claimed that the notice and press release issued by TRX, which, given the factual matrix, did not fully and accurately reflect the circumstances and conduct of the parties in this matter.
“ICSB takes this matter very seriously and is at present reviewing the content of the termination notice and press release, with its advisors and legal counsel. A further announcement on this matter will be made in due course,” it said.
Earlier, TCSB announced that the share sale agreement (SSA) with Iskandar Waterfront Holdings Sdn Bhd (IWH) and China Railway Engineering Corporation (M) Sdn Bhd (CREC), regarding the sale of 60 per cent of the issued and paid-up capital of Bandar Malaysia Sdn Bhd, has lapsed due to the failure of the purchasing parties to fulfil payment obligations.
Following the SSA signing, IWH and CREC assigned its benefits and responsibilities to ICSB on July 21 last year.
TCSB, in a statement, said despite repeated extensions being granted, ICSB failed to meet the payment obligations outlined in the conditions precedent under the SSA, which was signed on December 31, 2015.
“As a result, the SSA between the parties stands null and void with immediate effect,” it added. — Bernama
