Ekovest signs heads of agreement with IWH

On Dec 17,2019, IWH-CREC entered into a restated and amended share sale agreement with TRX City to acquire a 60% stake in Bandar Malaysia Sdn Bhd (BMSB) from the latter.

PETALING JAYA: Ekovest Bhd has signed a heads of agreement with Iskandar Waterfront Holdings Sdn Bhd (IWH), which entails Ekovest taking up a 40% stake in a special purpose vehicle (SPV) that will in turn control a 50% interest in the master developer of Bandar Malaysia.

In addition, Ekovest will also subscribe to new redeemable preference shares (RPS) in IWH-CREC Sdn Bhd for the purposes of redeeming 40% of the existing RPS-A and RPS-B held by IWH in IWH-CREC.