IWCity falls 2.33% on requesting time to deliberate merger with IWH

KUALA LUMPUR (April 20): Iskandar Waterfront City Bhd (IWCity) fell 2.33% in early trade this morning after it requested for more time to deliberate on the proposed merger with its major shareholder Iskandar Waterfront Holdings Sdn Bhd (IWH).

At 9.07am, IWCity fell 7 sen to RM2.94 with 652,000 shares traded.

IWCity said IWH has agreed to extend the original due date for one more month from April 19 to May 5 for its board to revert with its decision on whether the board is agreeable to put forward the proposed merger to the shareholders.

On March 8, IWH had proposed a one-for-one merger offer to take up the remaining 61.7% equity in IWCity at an offer price of RM1.50 per IWCity share. — theedgemarkets.com

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