KUALA LUMPUR (July 21): Iskandar Waterfront City Bhd (IWCity) announced that its parent firm, Iskandar Waterfront Holdings Sdn Bhd (IWH), has not submitted a fresh bid for projects related to the development of Bandar Malaysia, which was earlier touted to be worth RM160 billion in gross development value.

“The Company has been informed by its parent company, IWH, that it has not submitted any renewed bid for the Bandar Malaysia project,” IWCity said in a filing with Bursa Malaysia yesterday.

Earlier, Special Officer to the Finance Minister Tony Pua was quoted as saying that the government’s call for tender proposals, which is related to the development of Bandar Malaysia in Sungai Besi, has yielded no suitors so far.

Pua’s remarks has renewed hopes that IWCity’s parent, IWH, which is controlled by tycoon Tan Sri Lim Kang Hoo, still stands a good chance to participate in the Bandar Malaysia development.

The 486-acre of Bandar Malaysia land, which is owned by TRX City Sdn Bhd, currently houses the military air base for the Royal Malaysia Air Force.

In May 2017, TRX City announced that the share sale agreement that it had inked with IWH-CREC in December 2015 to develop Bandar Malaysia had lapsed “despite repeated extensions being granted, making the agreement null and void with immediate effect".

IWH-CREC is a joint venture between IWH and China Railway Engineering Corp (M) Sdn Bhd (CREC). IWH holds a 60% stake in the JV, while the remaining 40% is owned by CREC.

The project was subsequently retendered, but little is known about the latest round of bids as the Finance Ministry, under the Barisan Nasional administration, had kept quiet on the process.

Separately, IWCity said it is unaware of any reason that could have potentially contributed to the strong trading activity of its shares, which is listed on the Main Market.

“With reference to the recent sharp rise in the price and volume of IWCity shares, the company wishes to announce that it is not aware of any news that may give rise to the aforesaid trading activities,” it added.

Yesterday, IWCity was the second most actively traded on the local bourse with 145.43 million shares exchanging hands, equivalent to 17.37% of the share capital.

Since the opening bell, IWCity shares gained 6.5 sen or 8.73%, and closed at 81 sen yesterday, for a market capitalisation of RM678.29 million. — theedgemarkets.com

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