Iskandar Waterfront Holdings offers to buy Iskandar Waterfront City

Published Wed, Mar 8, 2017 · 01:35 PM

[KUALA LUMPUR] Malaysian property developer Iskandar Waterfront Holdings Sdn Bhd proposed on Wednesday to buy the 61.7 per cent of Iskandar Waterfront City Berhad (IWC) it does not already own.

It offered to pay 1.50 ringgit for each IWC share, valuing IWC at 1.24 billion ringgit (S$393.036 million) based on the number of outstanding shares.

Malaysian tycoon Lim Kang Hoo's Iskandar Waterfront Holdings said it would assume the listing status of IWC on the Bursa Malaysia stock exchange upon completion of the deal.

REUTERS

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to  t.me/BizTimes

International

SUPPORT SOUTH-EAST ASIA'S LEADING FINANCIAL DAILY

Get the latest coverage and full access to all BT premium content.

SUBSCRIBE NOW

Browse corporate subscription here