Iskandar Waterfront City in spotlight on Bandar Malaysia talk
KUALA LUMPUR (July 21): Iskandar Waterfront City Bhd (IWCity) rose as much as five sen or 4% in anticipation that its major shareholder Iskandar Waterfront Holdings Sdn Bhd (IWH) might get a second chance to develop Bandar Malaysia.
The planned Bandar Malaysia project is on a 194ha (486 acre / 21.17 million sq ft) tract within the old airport site in Sungai Besi here.
Speculation that IWH may get another chance to develop Bandar Malaysia followed news that China-based Dalian Wanda Group Co Ltd came under regulatory pressure on how it financed its global acquisitions. Dalian Wanda is seen as a front runner for the Bandar Malaysia project.
At Bursa Malaysia, IWCity shares rose to their highest so far today at RM1.44. At 9:44am, the stock pared gains at RM1.39 with some 11 million shares traded. IWCity was Bursa Malaysia's third most-active stock.
Bandar Malaysia has been in the spotlight after TRX City Sdn Bhd alleged on May 3 this year its planned sale of a 60% stake in Bandar Malaysia to IWH CREC was "null and void with immediate effect."
The Malaysian Government via the Finance Ministry owns TRX, a former unit of 1Malaysia Development Bhd. The Government also owns 100% of 1MDB. IWH and China Railway Engineering Corp (M) Sdn Bhd jointly own IWH CREC. — theedgemarkets.com
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