Iskandar Waterfront City in proposed revamp

KUALA LUMPUR (March 6): Iskandar Waterfront City Bhd's (IWCity) single largest shareholder Iskandar Waterfront Holdings Sdn Bhd has been exploring a restructuring exercise involving IWCity. 

IWCity said this in response to Bursa Malaysia's unusual market activity query last Friday on the sharp rise in IWCity's share price.

On Friday, IWCity shares rose 27 sen or 20% to close at RM1.64, from RM1.37 a day earlier.

IWCity said: "The company wishes to announce that after due inquiry with the board of directors and major shareholders, the company has been advised by its major shareholders, namely Iskandar Waterfront Holdings Sdn Bhd, that they have been exploring a restructuring exercise involving IWCity."
 
"They have further added that they have the intention to put forth a proposal for the company's consideration. Accordingly, they have requested for the company to seek the suspension of trading of the company's shares for three (3) market days, commencing Monday 6 March 2017," IWCity said.

IWCity's latest annual report showed Iskandar Waterfront Holdings owned 47.16% of IWCity as at March 31, 2016.

Today, The Edge Malaysia business and investment weekly (Edge Weekly) in its latest March 6 - 12 issue, reported there is speculation IWCity might be used as a vehicle for the listing of Iskandar Waterfront Holdings. 

Edge Weekly reported IWCity could be used as vehicle "for a backdoor listing of Iskandar Waterfront Holdings". — theedgemarkets.com

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