Iskandar Waterfront City to sell 16-acre land in Johor Bahru for RM71.6 mil
KUALA LUMPUR (Feb 11): Iskandar Waterfront City Bhd (KL:IWCITY) is disposing of a parcel of vacant land measuring 16.
KUALA LUMPUR (Feb 11): Iskandar Waterfront City Bhd (KL:IWCITY) is disposing of a parcel of vacant land measuring 16.
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.
No details were disclosed on why the RM450 million deal was not concluded within the stipulated timeline.
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.
The research house said that if it manages to surpass that level, the bullish momentum is expected to propel the stock towards the 73.
Bursa has the right to proceed to suspend the trading of the listed securities of IWCity and to de-list the company if IWCity fails to submit the regularisation plan before Sept 24, fails to obtain approval from any of the regulatory authorities necessary for the implementation of its regularisation plan or fails to implement its regularisation plan within the time frame or extended time frame stipulated by any of the regulatory authorities.
Its previous external auditor Messrs Ernst & Young PLT (EY) has resigned KUALA LUMPUR (Sept 7): Iskandar Waterfront City Bhd (IWCity) has appointed Messrs Crowe Malaysia PLT as its new external auditor.
KUALA LUMPUR (June 13): Iskandar Waterfront City Bhd (IWCity) has decided not to appeal against the rejection of the relief application by Bursa Securities and said that it is now a Paragraph 8.
KUALA LUMPUR (May 17): Diversified property developer and construction group Iskandar Waterfront City Bhd (IWCity) on Friday announced it is disposing of two parcels of vacant unconverted developed land in Tanjung Danga, Johor to construction and property developer Knusford Bhd.