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KUALA LUMPUR (Feb 11): Iskandar Waterfront City Bhd (KL:IWCITY) is disposing of a parcel of vacant land measuring 16.43 acres in Plentong, Johor Bahru, for RM71.55 million.
In a bourse filing, the group said the disposal of the leasehold land to WB Southern Sdn Bhd, a firm owned by Lim Ying (75%) and Calvin Chan Chee Shien (25%), is expected to generate an estimated post-tax profit of RM28.12 million, after accounting for expenses including income tax of about RM19.2 million.
The land has an unaudited net book value of RM18.79 million as at Nov 30, 2025, said Iskandar Waterfront.
Proceeds from the sale will be used for working capital, repayment of bank borrowings, and interest obligations, the group said.
Iskandar Waterfront said the disposal is part of its ongoing strategy to optimise its asset portfolio and capital structure, strengthen financial resilience, and enhance liquidity.
The transaction is expected to be completed in the third quarter of 2026.
Shares in Iskandar Waterfront closed down 0.5 sen or 1.9% at 25.5 sen on Tuesday, valuing the group at RM234.89 million. The stock has halved over the past year.
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