IWCity, Ekovest shares up on fresh Bandar Malaysia news

KUALA LUMPUR (Dec 16): Iskandar Waterfront City Bhd (IWCity) and Ekovest Bhd are back on the radar as their common shareholder Tan Sri Lim Kang Ho is expected to kickstart the Bandar Malaysia project (pictured) via joint venture IWH-CREC Sdn Bhd.

At 10.30am, IWCity's share price rose four sen or 3.92% to RM1.06, while Ekovest shares rose three sen or 3.31% to 93.5 sen.

On Friday (Dec 13), sources familiar with the matter revealed that IWH-CREC Sdn Bhd and the Ministry of Finance (MoF) will sign a reinstatement amended share sale agreement tomorrow (Dec 17) to finalise the terms and details relating to the divestment of the 60% equity interest held by the government in the development project.

According to the source, among the terms attached to the stake sale this time round are that IWH-CREC, being the master developer, will have to ensure that 10,000 units of affordable homes will be built there.

Also, the government is said to have requested a 70-acre park in the centre of the massive development that will be the green lung of the 483 acres of land in the southern part of the city.

Upon completion of the stake sale, IWH-CREC will hold a 60% stake in the Bandar Malaysia project, which has an estimated gross development value of RM140 billion, while MoF will own the remaining 40%.

IWH-CREC is a 60:40 joint venture between Iskandar Waterfront Holdings Sdn Bhd (IWH) and China's state-owned enterprise China Railway Engineering Corp (CREC). CREC will have an effective stake of 24% in the project.

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