Quick take: IWC, Ekovest tumble in early trade

KUALA LUMPUR: Iskandar Waterfront City Bhd (IWC) and Ekovest Bhd tumbled in early trade Tuesday after denying its involvement in the revival of Bandar Malaysia project.

IWC, the third top loser, tumbled 14.39%, or 19 sen to RM1.13 with 106 million shares traded.

Ekovest fell 13.92%, or 13.5 sen to 83.5 sen with 133 million shares exchanged hands. Ekovest-WB shed 26%, or  12.5 sen to 35.5 sen while Ekovest-C5 plunged 43.75%, or 10.5 sen to 13.5 sen.

On Monday, the two listed firms controlled by Tan Sri Lim Kang Hoo, have issued separate statements to Bursa Malaysia to clarify that they are not involved in the revived Bandar Malaysia project.

The statements came after shares in the two companies jumped to their maximum allowable daily limit on Monday.

Both companies said that they were not aware of the reason behind the recent surge in their share prices. They advise investors to exercise caution in the trading of their shares.

Ekovest has also confirmed that it is not involved in the revived project.

Investors on Monday chased up counters linked to Lim on high hopes that his companies would benefit from the revived Bandar Malaysia project.

Last Friday, the Prime Minister’s Office (PMO) announced that the government has decided to reinstate the Bandar Malaysia project.

The 483-acre Bandar Malaysia project (located on the site of the former Sungai Besi Air Force base) is estimated to generate RM140bil in gross development value (GDV) while attracting foreign direct investments.

The Prime Minister said the original contractors, which is a consortium consisting of Iskandar Waterfront Holdings Bhd and China Railway Engineering Corp Sdn Bhd (IWH-CREC), have 60 days to pay the original deposit sum of RM741mil with an additional RM500mil.

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Ekovest , IWC , Bandar Malaysia


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