KUALA LUMPUR (July 5): Iskandar Waterfront City Bhd (IWCity) and Iskandar Waterfront Holdings Sdn Bhd (IWH) extended the deadline to conclude their planned restructuring to Sept 4 this year, as IWH needed more time to finalise talks on the corporate exercise.

Property developer IWCity told Bursa Malaysia today the extension was needed to enable IWCity's major shareholder IWH to negotiate in good faith and execute the definitive sale and purchase agreements (SPA) with the relevant vendors under the restructuring.

"Any material developments on the definitive SPAs will be announced accordingly," IWCity said.

IWCity's annual report shows that IWH owns 38.35% of IWCity as at March 31, 2017. Tan Sri Lim Kang Hoo is IWH's controlling shareholder.

IWCity told Bursa Malaysia on March 8 this year that IWH had proposed a merger with IWCity via a share swap.

In conjunction with the merger, IWH had also proposed a restructuring, which included IWH's planned acquisition of Lim's real estate assets. — theedgemarkets.com

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