Iskandar Waterfront City gets more time to discuss Iskandar Waterfront Holdings merger offer

PETALING JAYA: Iskandar Waterfront City Bhd’s (IWC) board of directors will take another two weeks to decide on whether it will bring a proposal by Iskandar Waterfront Holdings Sdn Bhd (IWH) to merge the two companies together, to its shareholders.
The board of IWC had until yesterday (April 19) to provide written confirmation on whether it would put forward the proposed merger to the scheme shareholders.
In a filing with Bursa Malaysia, IWC said it had asked for a time extension given ongoing clarifications between IWC and IWH, and IWH agreed to allow it until May 5 to revert on its decision on the proposal.
IWH proposed merger with 38.3%-owned associate IWC will see IWH assuming IWC’s listing status through the injection of assets that would make the group the owner of 7,400 acres of land bank in Johor Baru and Kuala Lumpur with a possible market value of RM30 billion.