1MDB is selling 60 percent of its stake in Bandar Malaysia Sdn Bhd to a consortium consisting of Iskandar Waterfront Holdings (IWH) Sdn Bhd and China Railway Engineering Corporation (CREC) Sdn Bhd.

They held a signing ceremony at a hotel in Kuala Lumpur today with their two new partners.

The 60 percent stake sold to the consortium is worth RM7.41 billion, said 1MDB chief Arul Kanda Kandasamy, while the current evaluation of Bandar Malaysia places its total value at RM12.35 billion.