Ekovest Bhd has agreed with major shareholder Tan Sri Lim Kang Hoo (pic) to launch a takeover of another company he controls, Iskandar Waterfront City Bhd (IWC).
KUALA LUMPUR: The short selling activities for the shares of Ekovest and Iskandar Waterfront City (IWC) were suspended at midday on Tuesday after falling more than 15 sen or 15%.
At midday, Ekovest was down 8.5 sen to 88.5 sen with 187 million shares done while Ekovest-WB slid nine sen to 39 sen.
IWC lost nine sen to RM1.23 with 153 shares traded.
The FBM KLCI was up 3.09 points or 0.19% to 1,625.15. Turnover was 2.15 billion shares valued at RM1.26bil. There were 253 gainers, 439 losers and 3865 counters unchanged.
A statement from Bursa Malaysia said the short selling would only resume at 8.30am on Wednesday.
On Monday, the two listed firms controlled by Tan Sri Lim Kang Hoo, issued separate statements to Bursa to clarify that they were not involved in the revived Bandar Malaysia project.
Investors on Monday chased up counters linked to Lim on 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 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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