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1MDB On Right Track With Its Rationalisation Plan – Najib

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KUALA LUMPUR – 1Malaysia Development Bhd (1MDB) is on the right track to reduce its debt with its rationalisation plan, Datuk Seri Najib Tun Razak said.

The prime minister said 1MDB has received very encouraging offers, but declined to reveal them as the due diligence process was still in progress.

“When it is finalised, we will make a formal announcement,” he told the media after chairing the Umno Supreme Council meeting here Wednesday.

Najib, who is also finance minister, said he was enlightened on the company’s position at the meeting.

Last month 1MDB president and group executive director Arul Kanda Kandasamy said that measures taken by the company in implementing the rationalisation plan were running smoothly and would be able to reduce its debts within six months.

It was reported that four companies, namely Tenaga Nasional Bhd, YTL Power International Bhd, Malakoff Corp Bhd and CI Holdings Bhd had signed non-disclosure agreements with the advising bank, Maybank Investment Bank Bhd, and were in various stages of discussions to acquire 1MDB power generation arm, Edra Global Energy Bhd.

On properties division, the government strategic investment arm, which has received 12 bids for development partners in the Bandar Malaysia project, is expected to shortlist preferred bidders in the near term.

Meanwhile, the 1MDB financial centre, the Tun Razak Exchange project has attracted four investors, namely Australia’s Lend Lease group, Indonesia’s Mulia Group, Lembaga Tabung Haji and Affin Bank Bhd.

– BERNAMA

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