PETALING JAYA: Two counters linked to Tan Sri Lim Kang Hoo (pic) shot up in active afternoon trade yesterday, ahead of a Bandar Malaysia cheque presentation ceremony tonight.
Iskandar Waterfront City Bhd, in which Lim holds a 37.76% stake via his private vehicle Iskandar Waterfront Holdings Sdn Bhd (IWH), jumped 8.5 sen or 14.78% to 66 sen at yesterday’s close with a volume of 75.57 million units.
Word on the event also had a spillover effect on Lim’s other entity – Ekovest Bhd.
It rose 10.5 sen or 21% to close at 60.5 sen with 290.08 million shares traded.
The cheque presentation tonight is on the deposit payment of RM1.24bil and an RM500mil advancement to TRX City Sdn Bhd.
IWH-CREC Sdn Bhd is expected to pay the remaining 8% of the deposit.
The deadline to settle the upfront payment is today, the end of the four-and-a-half month extension granted by the Ministry of Finance Inc from April 30 due to the Covid-19 outbreak.
IWH-CREC has so far paid RM148.2mil or around 2% of the RM6.45bil net due for its 60% stake in Bandar Malaysia.
The Finance Ministry holds the remaining 40% through TRX City.
Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz told Parliament in a written reply in July that the balance of the sale proceeds will be received in stages up to 2023.
IWH-CREC is a joint venture between IWH and China Railway Engineering Corp (CREC) to be the master developer of the 486-acre Bandar Malaysia.
It is touted to be the single largest city development in the region with a gross development value of RM140bil.