The sale was carried out through the disposal of the land’s owner, 1MDB unit My City Ventures Sdn Bhd, to Silk Road via a share sale agreement, Guan Eng said in a written parliamentary reply.
KUALA LUMPUR (July 31): Despite a freeze imposed by the Penang state government on transactions involving 1Malaysia Development Bhd’s (1MDB) Air Itam land in Penang, all 234 acres (94.7ha) have been surreptitiously sold to Cayman Islands-based Silk Road Southeast Asia Real Estate Ltd, according to Finance Minister Lim Guan Eng.
Guan Eng said the land was sold for 4.25 billion yuan ($848.4 million) on Aug 24, 2017, netting a profit of RM1.32 billion ($442.4 million) based on the original RM1.38 billion purchase price.
