Iskandar Waterfront City, Ekovest shares rise

PETALING JAYA: Shares of Iskandar Waterfront City Bhd (IWC) and Ekovest Bhd rose this morning after an initial negative reaction to Tan Sri Lim Kang Hoo’s new proposal to merge the two companies.
At 11.11am, IWC’s share price rose 3.10% or 4 sen to RM1.33 with a total of 3.23 million shares traded while Ekovest’s share price gained 3.16% or 3 sen to 98 sen with a total of 34.09 million shares traded. Ekovest was one of the top active counters this morning.
Yesterday, IWC shares fell as much as 12 sen or 8.6% to RM1.28, before ending the day 11 sen or 7.9% lower at RM1.29, with some 32.33 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. The stock closed 21 sen or 18.1% lower at 95 sen and was the most actively traded stock on some 366.5 million shares traded.
On Tuesday, Lim announced a new merger plan after the merger deal between IWC and its parent company Iskandar Waterfront Holdings Sdn Bhd fell through. Ekovest’s offer price for IWC is RM1.50 a share, valuing IWC at RM1.26 billion.