1MDB buys 310-acre land from Tadmax (formerly known as Wijaya Baru Global Bhd)

Government-linked company 1Malaysia Development Bhd (1MDB) has bought a 310-acre land in Pulau Indah from Tadmax Resources Bhd for RM317.3mil, or RM23.50 per sq ft.

This is the first plot of land that 1MDB is acquiring from the private sector, given that it had earlier obtained two strategically-located plots in the city via direct negotiations with the Government.

In a filing with Bursa Malaysia, Tadmax Resources, formerly known as Wijaya Baru Global Bhd, said that the deal was done via its wholly-owned subsidiary, Tadmax Power Sdn Bhd, which sold the land to Ivory Merge Sdn Bhd. The latter is a wholly-owned subsidiary of 1MDB Real Estate Sdn Bhd, which in turn is a wholly-owned subsidiary of 1MDB.

The leasehold flat land at Lot 72779 is located in Klang, Selangor. With 82 years to run its course before expiring in 2096, the land is located within a larger plot measuring 381 acres adjoining the Port Klang Free Zone (PKFZ) mega transhipment hub.

1MDB is buying 310 acres of this plot.

Interestingly, one of the three directors at Tadmax Power is Datuk Seri Abdul Azim Mohd Zabidi, who was at one time chairman of Bank Simpanan Nasional and Umno treasurer.

…Also, the Pulau Indah land adjoins the PKFZ, which created a debacle that nearly brought down a few politicians. It was one of Malaysia’s largest financial scandals after the project ran into losses totalling billions. Much of the overrun was due to the land cost which was sold to the Government at RM21 per sq ft in 2002

source: The Star

Posted in BN government, umno

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