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Quick take: Ekovest, IWC top active counters

KUALA LUMPUR: Ekovest Bhd and Iskandar Waterfront City Bhd (IWC) are among the most actively traded counters on Bursa Malaysia in early trade Thursday following news on the latest development on the Bandar Malaysia project.

Ekovest, the most heavily traded, added 2.59% or 1.5 sen to 59.5 sen with 199 million shares traded.

IWC rose 3.31%, or two sen to 62.5 sen with 31.9 million shares done.

Last week, Ekovest said it has received an exclusive offer to enter into negotiation with Iskandar Waterfront Holdings (IWH) to explore the participation of the company as a strategic investor in the Bandar Malaysia development project through the proposed acquisition by the company of 40% of the equity interest held by IWH in IWH CREC Sdn Bhd (IWH-CREC).

IWH, through IWH-CREC, a joint venture vehicle between IWH and China Railway Engineering Corp (M) Sdn Bhd had on Dec 17, 2019 entered into a restated and amended share sale agreement with TRX City in relation to the acquisition by IWH-CREC of a 60% equity interest in Bandar Malaysia Sdn Bhd to undertake the development of the Bandar Malaysia project.

On Tuesday, a cheque presentation on the deposit payment of RM1.24bil and an RM500mil advancement to TRX City Sdn Bhd was held.

Bandar Malaysia is touted to be the single largest city development in the region with a gross development value of RM140bil.

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