KINIBIZ Ailing 1MDB has received two “final, binding and fully funded” bids for a majority stake in its 486-acre Bandar Malaysia development, its transaction adviser CH Williams Talhar and Wong (WTW) said today.

In a statement, WTW said the final binding bids “fully reflect” the expectations of 1MDB in terms of land valuation, payment terms and certainty of transaction.

“WTW and 1MDB Real Estate Sdn Bhd, the master developer of Bandar Malaysia, are currently seeking clarification and undertaking a comprehensive analysis of the two bids. A recommendation will then be made to the 1MDB board,” said WTW.

1MDB Real Estate is confident that a winning bid will be selected, followed by the execution of a definitive agreement, by year-end, said WTW further.

The announcement follows a previous statement by 1MDB president and group executive director Arul Kanda on Oct 31, 2015 that the self-styled strategic development company is expecting offers by mid-November for the proposed equity sale.

Speaking to assembled journalists, Arul said the company had at the time shortlisted four potential bidders and expected three offers.

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