The request for a fifth extension to April 27, 2026, is for more time for the company to assess the proposed move and commence negotiations on terms of a binding heads of agreement between parties.
The Light Waterfront Penang is a freehold integrated development along the Tun Dr Lim Chong Eu Expressway in Gelugor, jointly developed by IJM Land Bhd and Perennial Holdings.
Deputy Prime Minister II and Minister of Energy Transition and Water Transformation (Petra), Datuk Seri Fadillah Yusof urged stakeholders to invest in new technologies, share knowledge across industries, and support human capital development to address challenges of energy transition.
Deputy Prime Minister Datuk Seri Fadillah Yusof said that although water falls under the jurisdiction of individual states, federal agencies such as the National Water Services Commission (SPAN) and a new regulatory entity, the Special Purpose Agency for Regulating and Coordinating Water-Related Matters (SPARC), are actively coordinating with utility operators to ensure fair and efficient water usage.
No details were disclosed on why the RM450 million deal was not concluded within the stipulated timeline.
“This strategic partnership is set to accelerate the development of LIDO into a dynamic, world-class metropolis in the heart of Malaysia’s Southern region.
Bursa Malaysia Securities granted the extension after IWCity sought more time to finalise the regularisation plan from the original deadline of March 24.
In a bourse filing, the property developer said it had entered into a conditional settlement agreement with Rampai Fokus Sdn Bhd (RFSB) — an indirect wholly-owned unit of its major shareholder, Iskandar Waterfront Holding Sdn Bhd — to convert the amount it owed to RFSB into IWCity shares.
Located on a 4-acre land, Skypark Kepler, with a gross development value of RM2.
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