SINGAPORE (Jan 15): The Minister of Finance Inc (MoF Inc) is believed to have acquired a 51% stake in Mulia Property Development, which is developing a 3.42-acre parcel of land, including the 106-storey skyscraper The Exchange 106 at Tun Razak Exchange. TRX is one of the two major development projects under 1Malaysia Development Bhd (1MDB). The other is Bandar Malaysia, which is less than 5km away.

The stake in Mulia Property is said to have been acquired from Indonesia’s Mulia International, a unit of Indonesia’s Mulia Group. While it is unclear how much MoF Inc paid for the controlling stake, it is understood that a debt facility from HSBC Bank has been taken for the acquisition.

“All indications are that MoF Inc or some government-linked entities have bought a controlling stake in Mulia Property. It was done two to three months ago,” an executive familiar with the matter tells The Edge Malaysia, declining to divulge details.

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