Iskandar Waterfront City share price hits limit-up on renewed Bandar Malaysia hopes

PETALING JAYA: Iskandar Waterfront City Bhd’s (IWCity) share price hit limit-up yesterday on hopes that the consortium of Iskandar Waterfront Holdings and China Railway Engineering Corp (IWH CREC) could regain its status as the master developer of the Bandar Malaysia project.

The stock soared 49 sen or 29.9% to close at RM2.13 yesterday, with some 201.73 million shares traded, and was the most actively traded counter of the day.

This follows a tumble of 46.8% in IWCity’s share price last week, which wiped out RM1.19 billion in the company’s market capitalisation.

Ekovest shares, meanwhile, closed 12 sen or 9.8% higher at RM1.34 on some 79.15 million shares done. Local tycoon Tan Sri Lim Kang Hoo is the common shareholder of IWCity and Ekovest.

A local daily quoted a government source in Beijing as saying that there could be more equity structure changes in the Bandar Malaysia project, including the “comeback” of IWH CREC.

This mega project has been on investors’ radar after TRX City Sdn Bhd terminated the sale of a 60% stake in Bandar Malaysia to IWH CREC for RM7.41 billion early this month due to the failure to meet payment obligations.

Following that, IWH CREC said last week it has received the refund of its deposit payment of RM741 million.

China’s Wanda Group and the Malaysian government have reportedly discussed the possibility of the group taking up the role of master developer for Bandar Malaysia. A deal is yet to be finalised.

Wanda Group, controlled by China’s richest man Wang Jianlin, is the world’s biggest private property developer and entertainment conglomerate.