IWCity, Ekovest shares rebound on fresh interest

-A +A

KUALA LUMPUR (May 23): Shares of Iskandar Waterfront City Bhd (IWCity), which has been hit by the termination of its Bandar Malaysia deal earlier this month, were back on the uptrend today on fresh buying interest.

As at 4.08pm today, shares of IWCity were trading 15 sen or 8.98% higher at RM1.82, with over 74.82 million shares traded, after hitting an intra-day high of RM1.87, soon after trading resumed in the afternoon. 

IWCity’s share price has lost over 40% since trading at RM3.22 on May 2, after state-owned TRX City Sdn Bhd pulled out from the deal to sell a 60% stake in the Bandar Malaysia project — worth RM7.41 billion — to IWCity’s 60%-owned unit IWH CREC Sdn Bhd.

It later picked up on May 15, after the government confirmed the consortium is allowed to re-bid for the Bandar Malaysia project, but fell again on profit-taking over the past week.

Meanwhile, shares of Ekovest Bhd rose 3 sen or 2.46% at RM1.25 as at 4.08pm, with over 7.78 million shares traded.

The spillover effect from IWCity is experienced by Ekovest, as they both share a common shareholder in tycoon Tan Sri Lim Kang Hoo.