IWCity seeks fifth extension to deliberate IWH merger

• The request for a fifth extension to April 27, 2026, is for more time for the company to assess the proposed move and commence negotiations on terms of a binding heads of agreement between parties. 

KUALA LUMPUR (Oct 28): Iskandar Waterfront City Bhd (KL:IWCITY) has requested another six months from tycoon Tan Sri Lim Kang Hoo to deliberate its potential merger with Iskandar Waterfront Holdings Sdn Bhd (IWH).

The plan, first proposed in September 2023, is part of a wider reorganisation of Lim’s stable of companies and entails IWCity's acquisition of IWH’s units via the issuance of IWCity shares.  

The request for a fifth extension to April 27, 2026, is for more time for the company to assess the proposed move and commence negotiations on terms of a binding heads of agreement between parties, IWCity explained in a bourse filing on Monday.

The proposal’s latest deadline is Oct 27. It was first extended from Oct 28, 2023, to April 27, 2024; then to Oct 27, 2024; and subsequently to April 27, 2025.

Lim is a major shareholder of both listed IWCity and unlisted IWH.

He holds a 34.02% stake in IWCity — 33.4% via IWH, and a 63.1% stake in IWH via Credence Resources Sdn Bhd. He is also the executive vice chairman of IWCity.

The reorganisation of Lim’s stable of companies included four proposals. One proposal, involving the merger of construction businesses of Ekovest Bhd (KL:EKOVEST) and Knusford Bhd (KL:KNUSFOR), fell through in July this year.

Besides the IWCity and IWH merger, the two other proposals on the table are: Ekovest’s acquisition of parcels linked to transit-oriented developments (TOD) in Johor Bahru, and Ekovest's acquisition of at least a 51% stake in Credence Resources Sdn Bhd.

The proposals are not interconditional upon each other.

On the TOD parcel acquisitions, Ekovest said in a separate filing on Monday that it had requested a three-month extension from the vendors to negotiate the terms of agreement.

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