*This story has been updated with additions on IWCity* 
KUALA LUMPUR (April 22): Iskandar Waterfront City Bhd (IWCity) and Ekovest Bhd, who both saw their shares surged today on optimism that they would benefit from the revival of Bandar Malaysia, have denied that they are involved in the reinstatement of the project.

"Save for the press release issued by the Prime Minister's Office on 19 April 2019 titled "Government to Restate Bandar Malaysia Project", in which the name of our sister company, IWH-CREC Sdn Bhd was mentioned, the company wishes to clarify that IWCity is not involved in the reinstatement of the Bandar Malaysia project, " IWCity said in a stock exchange filing. 

Ekovest issued a similar statement to Bursa Malaysia. Both the companies went on to advise investors to exercise caution and to make informed decisions in the trading of their shares and warrants.

Both added that they are "not aware" of any circumstance or explanation that might have resulted in the jump in their share prices.

In the PMO's statement, the government said IWH-CREC, the project's master developer, would make an additional advance payment of RM500 million to the government, in addition to the original deposit sum of RM741 million, to be paid within 60 days from the date that the government officially reinstates the project.

IWCity is a subsidiary of Iskandar Waterfront Holdings Sdn Bhd, which owns 60% in IWH-CREC. Ekovest and IWH share a common shareholder in the form of Tan Sri Lim Kang Hoo.

Shares in Ekovest jumped 30 sen or 44.8% to close at a one-year high of 97 sen today, after 282.03 million shares were traded. The stock was the most actively traded counter on Bursa Malaysia. IWCity shares, meanwhile, surged 30 sen or 29.41% to close at RM1.32, which valued it at RM1.1 billion, after 15.36 million shares were done.