BUSINESS

EKOVEST GIVEN 30-DAY EXTENSION TO FINALISE PARTICIPATION IN IWC-CREC

21/10/2020 08:20 PM

KUALA LUMPUR, Oct 21 -- Ekovest Bhd has been given a 30 day extension time by Iskandar Waterfront Holdings Sdn Bhd (IWH) to finalise its participation as a joint venture partner cum investor in the Bandar Malaysia Development project.

“The company and IWH have mutually agreed to an extension of time of 30 market days, commencing from Oct 22 to Dec 3, 2020 for the company to deliberate and consider as well as to enable the parties to finalise the relevant agreements in relation to the proposal,” Ekovest said in a filing to Bursa Malaysia today.

On Sept 8, Ekovest was offered the opportunity to commence exclusive negotiations as a strategic investor in the development project by taking up IWH's 40 per cent equity stake in IWH CREC Sdn Bhd (IWC-CREC)

IWC-CREC, a joint venture between IWH and China Railway Engineering Corporation (M) Sdn Bhd, owns a majority 60 per cent stake in the Bandar Malaysia development project. 

-- BERNAMA


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