WHILE there may be holders of Ekovest Bhd stock who believe their company is being used to rescue Iskandar Waterfront City Bhd (IWC), the major owner of both entities, Tan Sri Lim Kang Hoo (pic), begs to differ.
For one, master developer IWC is turning profitable in its upcoming third quarter to September, he says.
“IWC will be turning around. There are also cashflows coming in from IWC’s existing property business and the payment from the land we sold to the Greenland Group. The first payment for Lot 1A has come in on July 15. That will be reflected in our September results,” says Lim.
“The vendor is the Shanghai government, so these are solid paymasters. They will be paying us in tranches from now until May 2020,” he adds.
Thus, from the properties IWC have launched this year, coupled with the payments by Greenland, IWC will have be generating steady cashflows from 2018 to 2020.
“People think Ekovest is wasting RM782mil to pay the IWC minority shareholders RM1.50 per share, should all of them accept the cash offer. Hey, Me and my related parties control more than 50% of Ekovest. I won’t kill myself,” says Lim.
Lim owns both IWC and Ekovest.