Ekovest, IWCity shares fall in early trade

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KUALA LUMPUR (Nov 1): Shares in Ekovest Bhd and Iskandar Waterfront City Bhd (IWCity) fell in early trade this morning after Iskandar Waterfront Holdings Sdn Bhd (IWH) axed plans to merge with its 38.35%-owned associate IWCity and assume the latter's listing status.

Tycoon Tan Sri Lim Kang Hoo, who is the major shareholder and executive chairman of Ekovest Bhd, is instead proposing for Ekovest to buy the rest of the 62% shares it does not own in IWCity through either a cash consideration of RM1.50 per share, valuing the company at RM1.25 billion, or a one-for-one share swap deal.

At 9.01am, Ekovest fell 12.07% or 14 sen to RM1.02 with 6.80 million shares done.

Meanwhile, IWCity fell 2.86% or 4 sen to RM1.36 with 1.87 million shares traded.