1Malaysia Development Bhd (1MDB) is expected to reduce its debts by RM17 billion when the takeover of debts of Edra Global Energy Bhd's (Edra) operating assets by China General Nuclear Power Corporation (CGN) is completed.
The Finance Ministry said this was achieved following the share sale and purchase agreement signed with CGN for the sale of 1MDB's 100 per cent ownership in Edra's energy assets on Nov 23 this year.
"Based on Edra's financial statement for the year ended Mac 31, 2015, 1MDB will receive for its equity, cash of RM9.83 billion, besides the takeover of debts of Edra's operating assets by CGN Group of RM7.43 billion.
"With the cash and transfer of debts, 1MDB will achieve a debt reduction of up to RM17 billion. The transaction is expected to complete in February 2016," according to the Finance Ministry in a written reply to a question from Datuk Mahfuz Omar (PAS-Pokok Sena) which was distributed at the Dewan Rakyat here, today.
Mahfuz asked the government to state the list of consortia and bidders that were shortlisted and the tender procedure as well as criteria for Edra and when it was finalised.
Apart from that, he also wanted to know the list of bidders as well as the tender criteria for land and projects at Bandar Malaysia.
For this question, the ministry said 1MDB was still in negotiations with the shortlisted parties and the tender results would be announced when the discussions were completed.
Bernama
Thu Dec 03 2015
The Finance Ministry said this was achieved following the share sale and purchase agreement signed with CGN for the sale of 1MDB's 100 per cent ownership in Edra's energy assets on Nov 23 this year. - File Pic
Putin says Russia willing to seek compromises between Iran and Israel
Russia is ready to help seek compromises between arch-foes Israel and Iran, President Vladimir Putin said on Friday, saying these would be difficult but possible.
What proposals will Russia push at the BRICS summit?
The proposal is also to establish a BRICS reinsurance company to allow uninterrupted shipment of goods and key commodities between members.
Indonesia's free meals plan in the spotlight as Prabowo readies for office
Prabowo calls the programme one of the main drivers of economic growth, eventually set to add an estimated 2.5 million jobs.
Astro AWANI's revamped English news website, AWANI International, launches on Oct 21
Astro AWANI's revamped English platform delivers in-depth global news and expert analysis to keep you informed on key developments.
Israeli strikes kill 33 people in Jabalia refugee camp in Gaza, medics say
Residents of Jabalia said Israeli tanks had reached the heart of the camp after pushing through suburbs and residential districts.
Liam Payne's ex-partner calls for media restraint after 'painful' death
Cheryl Tweedy used her statement to urge the media to remember they had a seven-year-old son, Bear, who could read the reports.
Analysts: Indonesia's strong MoF leadership team to boost investor confidence
Sri Mulyani Indrawati as head of Indonesia's Ministry of Finance is expected to instil confidence among investors.
Biden offers both a carrot and a stick to Israel as his term nears an end
Israel has frequently resisted US advice and has caused political difficulties for the Biden administration.
Putin says BRICS will generate most of global economic growth
Russian President Vladimir Putin will host a summit of the group in the city of Kazan on Oct. 22-24.
ISIS Malaysia's perspective of Budget 2025
An excellent rakyat-centric budget under the overarching principle of a caring and humane economy.
Budget 2025: Record increase in STR, SARA aid initiatives
The government will provide a significant boost to the Sumbangan Tunai Rahmah (STR) and Sumbangan Asas Rahmah (SARA) initiatives next year.
Budget 2025: EPF contributions to be made mandatory for foreign workers – PM Anwar
The government plans to make it compulsory for all non-citizen workers to contribute to the Employees Provident Fund (EPF).
What policies to expect from Indonesia's new President Prabowo
Prabowo will be open to foreign investment, his aide has said, such as by offering investors management of airports and sea ports.
Budget 2025: Govt allocates RM470 mil to empower women's participation in PMKS
The Women's Leadership Apprenticeship Program will be intensified as an effort to produce more female corporate personalities.
Israel sends more troops into north Gaza, deepens raid
Residents of Jabalia in northern Gaza said Israeli tanks had reached the heart of the camp, using heavy air and ground fire.
Indonesia ramps up security ahead of Prabowo's inauguration
Prabowo Subianto will be sworn in as Indonesia's president on Sunday with Vice President-elect, Gibran Rakabuming Raka, also taking office.
Immediate allocation of RM150 mil for local authorities, DID to tackle flash floods
Datuk Seri Anwar Ibrahim said this allocation is intended to address the recent flash floods that hit the capital and several major towns.
Budget 2025: Sabah, Sarawak to continue receiving among highest allocations - PM
Sabah and Sarawak continues to be prioritised under Budget 2025, with allocations of RM6.7 billion and RM5.9 billion respectively.
NFOF will be operational in November 2024 with funding of RM1 bil
PM Anwar Ibrahim said NFOF will support venture capital fund managers to invest in startup companies with RM300 million set aside for 2025.
Minimum wage to increase to RM1,700 effective Feb 1, 2025
The Progressive Wage Policy would be fully enforced next year with an allocation of RM200 million, benefiting 50,000 workers.