PETALING JAYA: Shares of Tycoon Tan Sri Lim Kang Hoo-linked Iskandar Waterfront City Bhd (IWCity) and Ekovest Bhd and hit limit up this morning on the revival of the Bandar Malaysia project.
At 11.45am, IWCity was trading 30 sen or 29.14% higher at RM1.32 on 14.53 million shares done, while Ekovest was trading 29 sen or 43% higher at 96 sen with 183.1 million shares changing hands.
Last Friday, Prime Minister Tun Mahathir Mohamad said the government welcomes the commitment by Iskandar Waterfront Holdings Bhd (IWH) and China Railway Engineering Corp Sdn Bhd (CREC) to make an advance payment of RM500 million, in addition to the original deposit sum of RM741 million to be paid within 60 days from the date that the government officially reinstates the project.
IWH and CREC were the winners of the Bandar Malaysia project before their status as the master developer was scrapped in May 2017. IWCity is a subsidiary of IWH.
Tan is the executive vice chairman of IWCity and executive chairman of Ekovest.
