KUALA LUMPUR (May 23): The Setiawangsa-Pantai Expressway (SPE), part of which runs through Bandar Malaysia, will not be affected by the aborted stake deal between the government and IWH CREC Sdn Bhd.

The alignment of the SPE, formerly known as the Duta-Ulu Kelang Expressway (DUKE) Phase 3, has been approved by the Malaysian Highway Authority (LLM) and is fixed as per the concession, Ekovest Bhd managing director Datuk Seri Lim Keng Cheng told the media following the visit of Works Minister Datuk Seri Haji Fadillah Yusof to Phase 2 of DUKE, which will be open to the public at 8pm tonight.

"As far as DUKE is concerned, LLM is the owner. They tell us which alignment to follow," he explained.

The rest of DUKE Phase 2 is targeted to be open to the public in August, Lim said.

Shares in Ekovest and Iskandar Waterfront City Bhd (IWCity) were battered down on news that TRX Sdn Bhd had terminated the sale of 60% stake in the Bandar Malaysia project to IWH CREC.

The selldown is mainly because Ekovest, IWCity and Iskandar Waterfront Holdings Sdn Bhd (IWH) have a common shareholder, Tan Sri Lim Kang Hoo. IWH holds a 60% stake in IWH CREC.

The two stocks rebounded today. Ekovest was up two sen, or 1.64%, to close at RM1.24, while IWCity soared 14 sen, or 8.4%, to settle at RM1.81.