1MDB closes Bandar Malaysia deal with Malaysia-China consortium for RM7.41bil
1MDB has announced that it would sell its 60% stake in the Bandar Malaysia development project to Iskandar Waterfront Holdings (IWH) and its partner China Railway Engineering Corp for RM7.41 billion. IWH will be responsible for 60% of the purchase, while China Railway Engineering will buy the rest. The sale is expected to be completed by end of June. (Reuters)

Obama to host unprecedented summit with Malaysia, other ASEAN countries
US President Barack Obama will host a summit with leaders from the Association of Southeast Asian Nations in California on Feb 15 and 16. The unprecedented gathering with ASEAN leaders will build a deeper partnership between the United States and ASEAN since 2009, the White House said in a statement. The meeting will take place at the Sunnylands retreat center in Rancho Mirage, California, a place where the White House has staged other high-profile meetings outside Washington. (The Star Online)

Creador buys 6% stake in 7-Eleven Malaysia for RM108mil
Private equity firm Creador Sdn Bhd has bought a 6.56% stake in convenience chain 7-Eleven (M) Holdings Bhd for RM108.82 million, making it a substantial shareholder of the 24-hour chain store operator. However, the seller of the block is not known. The single largest shareholder of 7-Eleven in Malaysia is Berjaya Retail Bhd, which has more than 50% of its shares. (The Star Online)

Sungei Way raises Sunway stake to 51.79%
Sungei Way Corporation Sdn Bhd recently purchased 12 million shares in Sunway Bhd, raising its stake to 51.79%. Sungei Way Corp paid RM36.60mil for 12 million shares in Sunway, based on an average price of RM3.05. After the purchase of the shares in the property-infrastructure-education group, its stake increased to 922 million shares. (The Star Online)

Carcosa Seri Negara closed for refurbishment, future uncertain
Carcosa Seri Negara will be closed to the public tomorrow, and has declined reservations for 2016 as well as temporary disabling its online booking engine. Guests have been told that the century-old residence-turned-hotel would be closed for refurbishment, and the staff have been verbally promised to be transferred to work at other properties soon. Carcosa Seri Negara is a union of two stately bungalows, Carcosa and Seri Negara, meant to be official residence of the first Resident-General to the Federated Malay States in the early 1900’s. Both mansions showed clear signs of the need for refurbishment, and a source revealed that its lease to Paremba Group would expire today. (The Star Online)

Photo by holidaysinmalaysia.org

Photo by holidaysinmalaysia.org