Indonesian billionaire not interested in 1MDB's TRX

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Indonesian conglomerate Rajawali Group shot down speculation that the group will invest in the controversial Tun Razak Exchange (TRX), which is owned by the debt-laden 1MDB.

“I am not interested in TRX,” said Peter Sondakh, the chairman and chief executive officer of Rajawali Group.

“We have enough property business in Malaysia and our portfolio for property is fully-utilised. We have no more funds for property in Malaysia. Maybe other things, but not property,” he said as reported by StarBiz today.

TRX project came under spotlight when Lembaga Tabung Haji paid RM188 million for a piece of land from 1MDB which bought the 70 acres site for merely RM4.5 million.

On May 9, Prime Minister Najib Abdul Razak had advised Tabung Haji to sell the land, but the pilgrim fund has yet to make an announcement whether it has secured a buyer.

Rajawali to build luxury hotel in Langkawi

Last month, 1MDB inked a sale and purchase agreement with Indonesian developer Mulia Group to undertake the Signature Tower project at TRX.

 

The market began to talk about the Indonesian billionaire that he will be roped in to invest in TRX after a proposed deal between Rajawali and Felda Global Ventures Bhd (FGV) was announced last week, it was reported.

In the proposed deal, FGV will pay US$680 million (RM2.55 billion) to acquire a 37 percent stake in PT Eagle High Plantations, which is owned by Rajawali.

Rajawali also owns Westin Langkawi Resort and Spa and Sheraton Imperial Hotel in Kuala Lumpur, and the group was invited by the Finance Ministry to build a luxury hotel in Langkawi.



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