Iskandar Waterfront City, Ekovest shares down on new merger proposal

PETALING JAYA: Iskandar Waterfront City Bhd (IWC) and Ekovest Bhd shares reacted negatively to local tycoon Tan Sri Lim Kang Hoo's new proposal to merge the two companies after the merger deal between IWC and its parent Iskandar Waterfront Holdings Sdn Bhd (IWH) fell through yesterday.
IWC shares dropped as much as 12 sen or 8.6% to RM1.28, before ending the morning session 7 sen or 5% lower at RM1.33, with some 20.61 million shares changing hands.
Ekovest also saw heightened selling pressure, with its share price plunging as much as 25 sen or 21.6% to 91 sen. At the noon break, it went down 19 sen or 16.4% to 97 sen. The stock emerged as the most active stock of the day on some 272.53 million shares traded.
Ekovest plans to buy out IWC at RM1.50 per share, valuing it at RM1.26 billion.