Twelve companies have submitted proposals for the final stage of evaluation to participate as development partners in the 486-acre Bandar Malaysia project in Sungai Besi
The gross development value is said to be RM200bil. The other parcels of valuable land are located at the waterfront in Johor, with a development period that could go beyond 30 years.
IWH is 63%-owned by Lim through his private company Credence Resources Sdn Bhd, while the remaining shares are held by Kumpulan Prasarana Rakyat Johor (KPRJ).
Meanwhile, IWH and KPRJ each have a 38.34% and 6.5% stake respectively in IWC, which has 1,072 acres mainly located in Tebrau, Johor. The remaining of the shares in IWC are made of minority shareholders.
The corporate exercise announced on Wednesday involves IWH taking over the listing status of IWC through a share swap on a ratio of one-for-one. The new-look IWH will have 7,400 acres of land.
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