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KUALA LUMPUR (July 11): The share price of Iskandar Waterfront City Bhd (IWCity) continued to fall today, after the group and its holding company Iskandar Waterfront Holdings Sdn Bhd (IWH) agreed to delay the signing of their merger deal.
At 2.41pm, the counter was down eight sen or 5.41% at RM1.40, for a market capitcalisation of RM1.17 billion. A total of 12.7 million shares were traded.
In a year, IWCity shares have gained 48.9%.
Last week, IWCity said the date to sign the deal has been extended to Sept 4, to enable the group to negotiate in good faith and execute the definitive agreements with relevant vendors under the restructuring exercise.
On May 5, IWCity entered into a merger agreement with IWH, which upon shareholders’ and other regulatory approvals, will see IWH consolidating the group’s land bank and assuming IWCity’s listing status.
This will result in one of the largest listed strategic master property developers on Bursa Malaysia. The proposed land disposal is expected to be completed by the second quarter of 2020. — theedgemarkets.com
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