IWCity share price rally takes a breather

KUALA LUMPUR (March 14): Iskandar Waterfront City Bhd’s (IWCity) share price falls 13 sen or 5% to RM2.46 in active morning session trade today, as some stale bulls take profit after the share price doubled since the start of the month. 

The counter was among the top decliners, with some 26.29 million shares crossed this morning. 
 
“But the market is expecting there is still upside with the stock (possibly) touch(ing) about RM4, based on (what will be) its value post-merger, with IWH (Iskandar Waterfront Holdings Bhd),” a remisier who declined to be named told theedgemarkets.com.

IWCity has been on upward momentum since late last month, as speculation was rife its major shareholder Tan Sri Lim Kang Hoo would unveil a restructuring plan, including the listing of his flagship IWH. 
 
IWCity had on March 8 announced it would merge with IWH which holds 38.34% in IWCity, through a one-for-one share swap with IWH share priced at RM1.50 per share. The announcement has given a strong boost to the share price rally.
 
Its share price surged to a record high of RM2.59 yesterday, but sank to a low of RM2.38 before 10am today as it pared gains. — theedgemarkets.com

For more stories, download TheEdgeProperty.com pullout here for free.