QUICK TAKE: IWCity, Ekovest surge on soaring volume

  • Business
  • Wednesday, 19 Jun 2019

KUALA LUMPUR: Shares in companies linked to businessman Tan Sri Lim Kang Hoo - Iskandar Waterfront City Bhd (IWCity) and Ekovest Bhd - jumped on Wednesday in active trade.

At 3.30pm, shares in IWCity soared 17 sen, o 16.8% at RM1.18. More than 162 million shares were traded.

Ekovest was up 2.5 sen, or 3% to 86.5 sen on volume of 137 million shares.

Lim is the founder and executive vice chairman of IWCity. He is also the executive chairman of Ekovest and controls a 32.37% stake in the company.

On April 19, the government has announced it would reinstate the Bandar Malaysia project.

The RM140bil project will be awarded to the original consortium  of Iskandar Waterfront Holdings Bhd and China Railway Engineering Corp Sdn Bhd (IWH-CREC).

The consortium will take up a 60% stake in Bandar Malaysia Sdn Bhd, with the government holding the remaining 40% stake.

IWH is the sister company of IWCity.

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