IWC shares tumble ahead of aborted deal

The investment bank said in a report that with the completion of the land parcels, the property developer will have a landbank of 6,800 acres, the bulk of which will be waterfront land facing Singapore, as well as the 500-acre Bandar Malaysia stake in Kuala Lumpur

PETALING JAYA: Iskandar Waterfront City Bhd’s (IWC) share price tumbled 14 sen or 4.35% to close at RM3.08 yesterday, ahead of TRX City Sdn Bhd announcing that the share sale agreement entered between the Government through TRX City, Iskandar Waterfront Holdings Sdn Bhd (IWH) and China Railway Engineering Corp (M) Sdn Bhd (CREC) had lapsed.

The stock, which was at its highest at RM3.22 on Tuesday, ended yesterday with more than 13.35 million shares being traded.