KUALA LUMPUR (March 9): Iskandar Waterfront Holdings Sdn Bhd (IWH) says its Bandar Malaysia land is also included in the corporate exercise announced yesterday which involves the group merging with Iskandar Waterfront City Bhd (IWC).
“IWH would like to clearly state that this prime piece of city land is included in this corporate exercise,” said IWH executive vice chairman Tan Sri Lim Kang Hoo in a statement today.
“With the proposed listing of the IWH Group, this will provide investors with the opportunity to invest in the strategic land bank located in this prime area in the heart of Kuala Lumpur,” added Lim.
IWH and China Railway Engineering Corp have a 60:40 joint venture company, IWH-CREC Sdn Bhd, which in turn holds a 60% stake in Bandar Malaysia Sdn Bhd, the master developer of Bandar Malaysia.
The remaining 40% stake in Bandar Malaysia is held by the Ministry of Finance Inc.
Yesterday, IWH announced its intention to merge with 38.34%-owned IWC via a one-for-one share swap exercise, which will result in IWH assuming the listing status of IWC.
Lim owns 63.1% of IWH via Credence Resources Sdn Bhd.
Bandar Malaysia, which boasts 486 acres of prime land, was sold to IWH-CREC and Ministry of Finance Inc. by troubled state fund 1Malaysia Development Bhd for RM7.41 billion on Dec 31, 2015.
IWC shares were up by eight sen or 4.88% at RM1.72 at 4.05 pm, giving it a market capitalisation of RM1.42 billion.—theedgemarkets.com