The trading of the Iskandar Waterfront City Bhd shares has been voluntarily suspended, as listed on Bursa Malaysia.
“Kindly be advised that at the request of IW City, trading in the company's shares has been suspended with effect from 9am, Thursday, May 4, 2017, pending an announcement,” Bursa Malaysia stated.
This is believed to be related to the Finance Ministry's announcement on calling off the Bandar Malaysia deal with a China company.
The Star Online reported that IW City's related company, Ekovest, saw its share price falling to a low of RM1.01 after the "disappointing news".
IW City's parent company, Iskandar Waterfront Holdings Sdn Bhd, is involved in a joint venture with China Railway Engineering Corp (M) Sdn Bhd (CREC) to form the IWH-CREC Sdn Bhd consortium, which was to develop Bandar Malaysia.
Najib should explain, says Guan Eng
Penang Chief Minister Lim Guan Eng, in a statement today, called on Prime Minister Najib Abdul Razak to fully explain the aborted deal.
"This is to restore public confidence, especially that of Johoreans, on the failed and aborted sale of 60 percent in the 482-acre Bandar Malaysia for RM7.42 billion.
"As IWH-CREC is a 60:40 joint venture between IWH and CREC, with the Johor government owning 40 percent of IWH through Kumpulan Prasarana Rakyat Johor Sdn Bhd, how will the Johor people lose out following the aborted deal?" Lim asked in a statement today.
Lim, who is also Bagan MP and DAP secretary-general, said this raises serious accountability and transparency issues, especially since 10 extensions of time to make payment were granted since Dec 31, 2015 and whether the RM741 million deposit paid by IWH-CREC will be forfeited.
Additionally, Lim said, that since CREC is a Tier-1 Chinese government federal agency, funding would definitely not be an issue.
"No wonder The Wall Street Journal reported that the deal fell apart because the Chinese government refused to authorise the deal, without stating any reasons why.
"This aborted deal demonstrates a distinct lack of confidence in the direction as well as the viability of Bandar Malaysia," Lim said.
He further warned of other possible repercussions, as the aborted deal was part of a critical pillar to salvage and resolve the 1MDB scandal through this rationalisation plan.
"Following the deal's abysmal failure, concerns have been raised on whether this will further affect investor confidence, with consequences for the value of our ringgit," Lim added. -Mkini
Assalamu alaikum warohmatullahi wabarakatu.
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