05 Jan '16, 7am

@xrockybrux

Clarification on Bandar Malaysia 1MDB notes that certain quarters have attacked the RM7.41 billion land sale valuation contained in a recent announcement on the successful Share Sale and Purchase Agreement executed with the IWH-CREC Consortium for 1MDB to sell 60% of the equity in the Bandar Malaysia project. These appear to be last ditch attempts by members of the opposition to undermine the company's rationalisation process. The valuation contained in the announcement made by CREC to HKEx refers not to the land sale valuation, but instead to their estimated share of the net equity value of the Bandar Malaysia project, based on certain assumptions, which are subject to further negotiations during the Completion period between January and June 2016. The starting point of any net equity value calculation, is the land sale valuation of RM12.35 billion, of which the Consortiu...

Full article: http://www.rockybru.com.my/2016/01/selling-out-to-china.html

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@xrockybrux

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