Malasian fund 1MDB launches sale process for Pulau Indah land parcel

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Malaysian state investment fund 1Malaysia Development Berhad (1MDB), which has been in the eye of a storm for the past few months, has launched the sale tender process for its land parcel in Pulau Indah, Selangor.

In a statement on Monday, 1MDB said it has appointed real estate services provider Savills (Malaysia) as advisor and has prepared a detailed Information Memorandum for distribution.

“Qualified potential purchasers are invited to register their expressions of interest with Savills (Malaysia) for this tender process,” it said, in its statement.

The 1MDB land parcel in Pulau Indah, Mukim Klang, Selangor, is on a single large development site, measuring approximately 318 acres. It is adjacent to the Port Klang Free Zone (PKFZ) and other industrial developments. The sale of Pulau Indah land is part of the rationalisation plan the debt-ridden fund presented to the Malaysian Cabinet on May 29, 2015.

1MDB added that the overall plan was proceeding smoothly, with shortlisted bidders currently conducting detailed due diligence on Edra Global Energy and Bandar Malaysia respectively.

Set up in 2009 by Prime Minister Najib Razak to invest in the local economy, 1MDB has been dogged by controversies in the past months. The latest among its controversies is money-laundering allegations which the Wall Street Journal reported that US Federal Bureau of Investivation is probing into.

Its other scandals involve fund mismanagement, in relation to a sum of $700 million which Malaysian investigators said was wired into Najib’s personal accounts. The leader has denied mismanaging the funds, and has attributed the $700 million to a donor from the Middle East.

Also read:

Malaysia to help arrange for Swiss to interview witnesses in 1MDB probe

1MDB shortlists investors for Edra, confident of an agreement by Q4

1MDB’s Bandar Malaysia attracts interest from 40 investors

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.