IWCity active, falls 2.9% in line with market retreat

KUALA LUMPUR (Aug 9): Iskandar Waterfront City Bhd (IWCity) shares dropped 2.9% in a heavy volume at the midday break today, in line with the retreat at the broader market and possibly due to profit taking by investors after closing at RM1.38 yesterday on talk of a new Bandar Malaysia deal.

At 2.10pm, IWCity fell 4 sen to RM1.34 with 10.31 million shares changing hands, for a market capitalisation of RM1.12 billion.

The stock opened at RM1.39 and hit an intraday low of RM1.33 shortly after the opening bell. Year to date, the stock has gained nearly 67%.

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.

IWCity has been in the spotlight in anticipation that its major shareholder Iskandar Waterfront Holdings Sdn Bhd (IWH) might get a second chance to develop Bandar Malaysia.

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 had been seen as a front runner for the Bandar Malaysia project. — theedgemarkets.com

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