IWCity seeks another six-month extension to deliberate IWH merger

• The first extension was from Oct 28, 2023 to Jan 27, 2024, second from April 28, 2024 to July 27, 2024, and a third from October 2024 to April 27, 2025.

KUALA LUMPUR (April 25): Iskandar Waterfront City Bhd (KL:IWCITY) has requested another six months from tycoon Tan Sri Lim Kang Hoo to deliberate its potential merger with Iskandar Waterfront Holdings Sdn Bhd (IWH).

Under the proposal, which is part of a wider reorganisation and merger of Lim’s stable of companies, IWCity is to acquire the entire stake in IWH via the issuance of IWCity shares.

IWCity explained the latest extension would allow the company to further assess, evaluate, and negotiate the detailed terms of the merger.

The first extension was from Oct 28, 2023 to Jan 27, 2024, second from April 28, 2024 to July 27, 2024, and a third from October 2024 to April 27, 2025.

Lim is a major shareholder of both listed IWCity and unlisted IWH. He owns a 34.3% stake in IWCity, and holds a 63.1% in IWH via Credence Resources Sdn Bhd.

Lim is also the executive vice chairman of IWCity.

The reorganisation and merger of Lim’s stable of companies also included the proposed merger of construction businesses of Ekovest Bhd (KL: ECOVEST) and Knusford Bhd (KL:KNUSFOR), where Knusford acquires the entire issued share capital of Ekovest Construction Sdn Bhd — a wholly owned subsidiary of Ekovest — to be satisfied via the issuance of new ordinary shares in Knusford at the proposed issue price of 60 sen per new Knusford share.

He holds close to 28% of Ekovest and 32% of Knusford.

Lim’s reorganisation plan also includes a proposal where Ekovest is to acquire at least a 51% stake of the issued share capital of Credence.

Shares in IWCity ended unchanged at 38 sen, valuing the company at RM350.03 million.

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