IWC closes 5.2% lower as investors take profit

PETALING JAYA: Iskandar Waterfront City Bhd's (IWC) share price fell 5.2% today after making gains yesterday, on news of Dalian Wanda Group woes, a contender for the Bandar Malaysia project.

The stock rose to a high of RM1.73 or up 12% in morning trade, and fell to a low of RM1.45 before closing trade less eight sen to RM1.46, with some 110.7 million shares traded.

It was the second most actively traded stock.

IWC would have been a beneficiary of the Iskandar Waterfront Holdings Sdn Bhd (IWH) and China Railway Engineering Corp (M) Sdn Bhd (CREC) joint venture to take a 60% stake and appointment as master developer for Bandar Malaysia, which lapsed in May.

IWC and IWH are to merge in a one for one share deal, which will lead to IWH taking over the listing status of IWC.