Thursday 28 Mar 2024
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KUALA LUMPUR (April 19): Iskandar Waterfront City Bhd (IWCity) has requested for more time to deliberate on the proposed merger with its major shareholder Iskandar Waterfront Holdings Sdn Bhd (IWH).

In a filing with Bursa Malaysia today, IWCity said IWH has agreed to extend the original due date for its board to revert with its decision on whether the board is agreeable to put forward the proposed merger to the scheme shareholders for one more month from April 19 to May 5.

On March 8, IWH had proposed a one-for-one merger offer to take up the remaining 61.7% equity in IWCity at an offer price of RM1.50 per IWCity share.

The offer price will be satisfied via the issuance of IWH’s share on the basis of one new IWH share for every one existing IWCity share, which will be implemented via a scheme of arrangement. IWH will assume the listing status of IWCity after the merger.

IWCity was offered 30 market days until April 19 to deliberate on the proposed merger offer by IWH.

IWCity’s share price closed the morning session down three sen or 0.97% to RM3.07, with 3.03 million shares done, giving it a market capitalisation of RM2.51 billion.

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