KUALA LUMPUR (April 22): Ekovest Bhd, whose shares surged today on optimism that it would benefit from the revival of Bandar Malaysia, has denied that it is involved in the reinstatement of the project.
"Save for the press release issued by the Prime Minister's Office on 19 April 2019 titled 'Government to Restate Bandar Malaysia Project', in which the name of IWH-CREC Sdn Bhd was mentioned in the said press release, the company wishes to clarify that Ekovest is not involved in the reinstatement [of] the Bandar Malaysia project," the company said in a stock exchange filing today.
"The company wishes to advise investors to exercise caution and to make informed decisions in the trading of Ekovest's shares and warrants," it said.
Ekovest added it is "not aware of any explanation that give[s] rise to the aforesaid trading activities."
In the PMO's statement, the government said IWH-CREC, the project's master developer, would make an additional advance payment of RM500 million to the government, in addition to the original deposit sum of RM741 million, to be paid within 60 days from the date that the government officially reinstates the project.
Ekovest and Iskandar Waterfront Holdings Sdn Bhd — the latter owns 60% in IWH-CREC Sdn Bhd — share a common shareholder in the form of Tan Sri Lim Kang Hoo.
Shares in Ekovest jumped 30 sen or 44.8% to close at an eight-month high of 97 sen today, after 282.02 million shares were traded. The stock was the most actively traded counter on Bursa Malaysia.
http://www.theedgemarkets.com/article/ekovest-says-its-not-involved-bandar-malaysia-reinstatement
