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

Published 12/30/2015, 09:39 PM
Updated 12/30/2015, 09:50 PM
© Reuters. File photo of men walking past a 1 Malaysia Development Berhad (1MDB) billboard at the funds flagship Tun Razak Exchange development in Kuala Lumpur, Malaysia

KUALA LUMPUR (Reuters) - 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.

© Reuters. File photo of men walking past a 1 Malaysia Development Berhad (1MDB) billboard at the funds flagship Tun Razak Exchange development in Kuala Lumpur, Malaysia

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

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