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1MDB refutes Singapore news report

1MDB remains in discussions to conclude its transaction with IPIC.

Syndicated News
Written by Syndicated News

KUALA LUMPUR — August 26, 2015: 1Malaysia Development Berhad (1MDB) has refuted an article by the Singapore Business Times that suggested its binding agreement with Abu Dhabi’s International Petroleum Investment Co (IPIC) is as good as off.

Strongly denying the unproven allegation, 1MDB said it remains engaged in discussions with IPIC to conclude the transaction per the terms as
officially announced by the latter to the London Stock Exchange on last June 10.

The Business Times article which relied on a conversation with an unnamed source was clearly unprofessional and unnecessary, said 1MDB in a statement today.

1MDB said it was focused on the successful implementation of its rationalisation plan, proven through the various official announcements, made to
date.

It cited as examples, the binding term sheet executed with IPIC, the shortlisting of selected bidders for the monetisation of Edra Global Energy Berhad and the ongoing sale process for Bandar Malaysia.

“We reaffirm our commitment to the success of the rationalisation plan and will continue to issue official progress updates on a regular basis.” it added. — Bernama

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