IWCity down as selling pressure continues

KUALA LUMPUR (March 30): Iskandar Waterfront City Bhd (IWCity) shares shed five sen or 4.5% as selling pressure continued after Ekovest Bhd's proposed IWCity takeover failed to come to fruition.

At 12:30pm, shares of builder and property developer IWCity settled at RM1.07 for a market capitalisation of RM894.9 million. IWCity saw 1.4 million shares crossed after trading between RM1.12 and RM1.06 so far today.

Selling pressure on IWCity shares continued today after the stock fell 17 sen to close at RM1.12 yesterday.

At construction, infrastructure and property company Ekovest's extraordinary general meeting yesterday, its shareholders, accounting for 69.2% of votes, had voted against the takeover of IWCity at RM1.50 a share. Ekovest shares rose on the news for a four sen gain to close at RM1.01 yesterday.

Today, the counter fell on profit taking. The stock slid 3.5 sen or 3.5% to settle at 97.5 sen at 12:30pm for a market value of RM2.09 billion. Ekovest saw 5.57 million shares traded. — theedgemarkets.com

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