IWCity, Ekovest say not involved in Bandar Malaysia reinstatement

This article first appeared in The Edge Financial Daily, on April 23, 2019.
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KUALA LUMPUR: Iskandar Waterfront City Bhd (IWCity) and Ekovest Bhd, which both saw their shares surge yesterday 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 (PMO) on April 19, 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 yesterday evening.

Ekovest, whose shares hit limit up yesterday, 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.

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

Both Ekovest and IWCity were among the top 10 gainers on Bursa yesterday.