KUALA LUMPUR: Iskandar Waterfront City Bhd (IWCity) and Iskandar Waterfront Holdings Sdn Bhd (IWH) have extended the deadline to conclude their planned restructuring to September 4.
In its filing to Bursa Malaysia yesterday, property developer IWCity said the extension was to enable its major shareholder, IWH, to negotiate in good faith and execute the definitive sale and purchase agreements under the restructuring.
IWCity’s annual report shows that IWH owns 38.35 per cent of IWCity as at March 31.
Tan Sri Lim Kang Hoo is IWH’s controlling shareholder.
IWCity told Bursa Malaysia on March 8 that IWH had proposed a merger with IWCity via a share swap.
IWH had also proposed a restructuring which included IWH’s planned acquisition of Lim’s real-estate assets.
After the restructuring, IWH would have landbank totalling more than 2,995ha in Johor Baru and here, with an estimated open market value of RM30 billion.
In May, IWCity told Bursa Malaysia it had revised its agreement with China-based Greenland Holdings Group Ltd, its partner in a waterfront city project in Johor that has an estimated gross development value of RM18.4 billion.
IWCity’s unit, Tebrau Bay Sdn Bhd, inked a supplemental agreement with Greenland Tebrau Sdn Bhd (GTSB), the special-purpose vehicle to undertake the mixed development, on the disposal of its 52ha partially-submerged land in Plentong, Johor Baru, to GTSB for RM2.4 billion.
IWCity holds 20 per cent of GTSB through its unit, Southern Crest Development Sdn Bhd, while the rest of the stake is held by Greenland group (via Greenland Malaysia Real Estate Operator Sdn Bhd).