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PETALING JAYA: Two accountants linked to Tan Sri Lim Kang Hoo (pictured) soared into active trading yesterday afternoon, ahead of a Bandar Malaysia check presentation ceremony tonight.
Iskandar Waterfront City Bhd
, in which Lim has a 37.76% stake through its private vehicle Iskandar Waterfront Holdings Sdn Bhd (IWH), jumped 8.5 sen or 14.78% to 66 sen at yesterday’s close with a volume of 75 , 57 million units.
News of the event also had an indirect effect on Lim’s other entity: Ekovest Bhd.
It rose 10.5 sen or 21% to close at 60.5 sen with 290.08 million shares traded.
The presentation of tonight’s check corresponds to the payment of the deposit of RM1.24bil and an advance of RM500 thousand to TRX City Sdn Bhd.
IWH-CREC Sdn Bhd is expected to pay the remaining 8% of the deposit.
Iskandar Waterfront Holdings Executive Vice President Tan Sri Lim Kang Hoo (second from left) with Johor Mentri Besar Datuk Hasni Mohammad (right), observing the development project during the MoU between Danga Heights Development and MCC Singapore at a hotel here in Johor Baru on September 7th. NUR AISYAH MAZALAN / The Star
The deadline to settle the initial payment is today, the end of the four and a half month extension granted by the Ministry of Finance Inc from April 30 due to the Covid-19 outbreak.
IWH-CREC has so far paid RM148.2mil or about 2% of the net RM6.45bil due to its 60% stake in Bandar Malaysia.
The Ministry of Finance has the remaining 40% through TRX City.
Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz told Parliament in a written response in July that the balance of proceeds from the sale will be received in stages until 2023.
IWH-CREC is a joint venture between IWH and China Railway Engineering Corp (CREC) to be the lead developer for the 486-acre Bandar Malaysia.
It is promoted as the largest urban development in the region with a gross development value of RM140bil.
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