IWC signals positive prospects as share price yo-yos

PETALING JAYA: Iskandar Waterfront City Bhd (IWC), which have seen erratic movements in its share price this month in particular, sought to assuage investors concerns with positive prospects ahead, despite a challenging economic backdrop.

In a statement issued today its chairman Datuk Hj Ayub Mion said the group has attractive tracts of waterfront land which are progressing well in terms of development.

"A prime example of this is our joint venture with the Greenland Group to develop 128 acres of prime waterfront land in Johor fronting Singapore. The sales gallery was launched end-2016 and the first retail units will be launched soon," Ayub said.

The company's share price have yoyo-ed between hitting a limit down on May 8 to a limit up just a week later following a series of conflicting reports on its continued involvement in the Bandar Malaysia project.

Its shares is currently trading one sen higher at RM1.76 a piece.

In the same statement, IWC announced that all of the resolutions in its 48th AGM were passed by shareholders.