Finance ministry hopes to attract Fortune 500 firms to Bandar Malaysia

SUBANG JAYA: The finance ministry is hoping to attract Fortune 500 companies and experienced businesses to the Bandar Malaysia development. There are parties registering their interest, but we are only going to release the request for proposal (RFP) at the end of this week, Treasury secretary-general Mohd Irwan Serigar Abdullah said when asked about the latest developments in Bandar Malaysia and TRX City. We will put certain conditions this time around and look at companies with great experience, and maybe companies in Fortune 500. There will be certain criteria which they will have to fit to participate, he said after the launch of an entrepreneurship competition organised by the Global Entrepreneurship Movement.

Last month, the government opened up a second tender for parties to bid for the project after the initial master builder, IWH-CREC Sdn Bhd, was terminated.

On May 3, TRX City announced that the share sale agreement with IWH-CREC, involving the sale of 60% of the issued and paid-up capital of Bandar Malaysia, had lapsed due to the failure of the purchasing parties to fulfil payment obligations.

IWH-CREC is a 60:40 joint venture between Iskandar Waterfront Holdings Sdn Bhd (IWH) and China Railway Engineering Corporation (M) Sdn Bhd.

Asked if IWH-CREC Sdn Bhd would be bidding for the project, Irwan said no one had taken part as of yet because the RFP will only be issued at the end of this

Source: Malaysian Trades Union Congress