Iskandar Waterfront City unaware of reason for share price swings

PETALING JAYA: Iskandar Waterfront City Bhd (IWCity), which has been in the limelight lately over the Bandar Malaysia project, said it was unaware of the reason for the unusual movements in its share price, in response to an unusual market activity (UMA) query from Bursa Malaysia yesterday.
The query came after the company’s shares hit limit-up on Monday on renewed hopes of its participation in the Bandar Malaysia project following a 46.8% plunge of its share price last week on news that the deal between the consortium of Iskandar Waterfront Holdings and China Railway Engineering Corp (IWH CREC) and TRX City Sdn Bhd had been terminated.
IWCity shares rose as much as 32 sen or 15% before ending 15 sen or 7% lower at RM1.98 yesterday, with some 272.02 million shares changing hands.
Media reports have quoted government officials as stating that IWH CREC may still participate in the project despite the earlier termination.