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PETALING JAYA (April 28): Iskandar Waterfront City Bhd (IWCity) has secured a further nine-month extension to January 27, 2027 to evaluate Tan Sri Lim Kang Hoo's proposed reorganisation, rationalisation and merger, according to a Bursa Malaysia filing on Monday.
Monday's announcement marks the sixth extension since the proposal was disclosed, with prior extensions announced on Oct 27, 2023; April 26, 2024; Oct 25, 2024; April 25, 2025; and Oct 27, 2025.
The extension, agreed with Lim, is intended to grant IWCity more time to assess and deliberate the proposal in detail and to commence discussions on the terms of a binding heads of agreement between the parties.
The proposal letter was first received on Sept 27, 2023. IWCity had appointed an unnamed adviser in Oct 2023 to evaluate the proposal.
The company said it will make the requisite announcement on any material development in relation to the proposal in due course.
No binding agreement has been entered into, and the company has not committed to proceeding with the proposal.
Broader restructuring context
The deal forms part of Lim's wider Sept 2023 blueprint to rationalise his property and construction holdings into a single enlarged vehicle under Ekovest Bhd — a four-pronged plan designed to consolidate his direct shareholding across the companies and eliminate potential conflicts of interest, according to a report from The Edge Malaysia.
At its core, the proposal envisages IWCity taking over the entire issued share capital of all direct subsidiaries of Iskandar Waterfront Holdings (IWH), bringing IWH's and IWCity's property assets under one roof.
A related deal — under which Ekovest was to acquire at least a 51% stake in Credence Resources Sdn Bhd, in a transaction previously valued at approximately RM1.15 billion to be settled via new Ekovest shares — fell through in January after both parties were unable to finalise terms before the deadline expired, The Edge Malaysia had added.
Lim currently holds a 34.3% stake in IWCity and a 63.1% interest in IWH via Credence Resources, and serves as executive vice chairman of IWCity. He also holds close to 28% in Ekovest and 32% in Knusford Bhd.
His original restructuring blueprint had further envisaged a tie-up between the construction arms of Ekovest and Knusford, with Knusford proposing to absorb Ekovest Construction Sdn Bhd through a share issuance exercise, noted the same report.
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