KUALA LUMPUR: Shares of Iskandar Waterfront City Bhd
’s (IWC) hit limit-down following the termination of the Bandar Malaysia deal.
The counter plunged 92 sen, or 29.87% to RM2.16 in early trade.
IWC’s shares have been under pressure after TRX City Sdn Bhd announced 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 FBM KLCI was up 2.51 points to 1,765.25. Turnover was 832 million shares valued at RM291.6mil. There were 319 gainers and 201 losers.
IWH and CREC had agreed in December 2015 to pay RM7.41bil for a 60% stake in Bandar Malaysia. The remaining 40% was to be held by the MOF unit.
However, in an announcement last Wednesday, TRX City said the deal to jointly develop one of the city's last huge prime lands had lapsed, citing failure to meet payment obligations.