Payment obligations fulfilled, says IWH CREC

PETALING JAYA: IWH CREC Sdn Bhd (ICSB), the consortium acquiring 60% stake in Bandar Malaysia, has refuted TRX City Sdn Bhd’s allegation and requested for completion of the share sale agreement (SSA).

“After a detailed and thorough review of ICSB’s and TRX’s respective obligations under the SSA including the agreed process/milestones with regard to fulfilment thereof, and relevant records, ICSB is of the view that TRX’s allegation that the SSA has lapsed, runs contrary to the conduct of the parties in progressing the SSA towards its completion in accordance with the spirit of the SSA thereof,” ICSB said in a statement today.

ICSB said prior to receiving TRX’s letter, TRX was already aware that the consortium has complied with the conditions precedent and accordingly, the SSA has become unconditional.

ICSB said it has fulfilled all the required payment obligations under the SSA on its part towards TRX to date and it has officially requested TRX for completion of the SSA.

“ICSB has sufficient financial resources and capabilities to ensure the smooth and successful execution and implementation of the development of Bandar Malaysia. ICSB has written to TRX to express that TRX’s unilateral declaration that the SSA has lapsed is unacceptable. ICSB reserves all its rights in this matter,” it added.

To recap, ICSB received a letter from TRX City Sdn Bhd on Wednesday, informing that the SSA dated Dec 31, 2015 entered into between the parties, has lapsed on the ground of non-fulfilment of the conditions precedent.