Malaysia's 1MDB to sell property project stake for $1.7 billion

KUALA LUMPUR : Malaysia’s troubled state fund 1MDB said it would sell its 60 percent stake in a Kuala Lumpur development project to Iskandar Waterfront Holdings and its partner, state-run China Railway Engineering Corp, for 7.41 billion ringgit ($1.7 billion).

Malaysia’s Iskandar Waterfront Holdings will be responsible for 60 percent of purchase while China Railway Engineering will buy the rest, 1MDB said in a statement on Thursday.

The sale would be completed by the end of June, 1MDB said.



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