KUALA LUMPUR (Jan 4): Ekovest Bhd and Iskandar Waterfront City Bhd (IWCity), two companies linked to tycoon Tan Sri Lim Kang Hoo, were among Bursa Malaysia’s most actively traded counters on Thursday.

Ekovest saw 153.57 million shares traded, five times its three-month average volume of 29.32 million shares. The counter opened up three sen, or 5.55%, at 54 sen before climbing to 57 sen — its highest since Sept 26, 2023, before paring gains to close at 55 sen.

Meanwhile, 90.94 million IWCity shares changed hands, almost six times its three-month average volume of 16.19 million shares. The stock rose to an intra-day high of 93 sen, its highest since 95.5 sen on Aug 2, 2019, before settling at 86.5 sen, up 3.5 sen or 4.22% from its last close.

Lim, who is a major shareholder of Ekovest, IWCity, Knusford Bhd, and Iskandar Waterfront Holdings Sdn Bhd (IWH), has proposed a consolidation exercise which will group the companies under an enlarged Ekovest.

IWCity and IWH own land in Johor, which Ekovest said allows the group to take advantage of the government’s efforts to transform Johor into another financial centre.

In August, Prime Minister Datuk Seri Anwar Ibrahim announced that a special financial zone will be set up in Forest City, located in Iskandar Puteri, Johor. Anwar and his Singaporean counterpart Lee Hsien Loong then jointly announced in October, the formation of a Johor-Singapore Special Economic Zone (JSSEZ).

When contacted by The Edge, AmInvestment Bank analyst Khoo Zing Sheng attributed the trading activity in the two stocks to heightened interest in property developers with exposure to Johor.

He pointed out that Malaysia and Singapore are slated to sign a memorandum of understanding related to the JSSEZ on Jan 11.

In addition, the deadline to submit a high-speed rail (HSR) proposal is on Jan 15.

The proposed HSR route spans 350 kilometres and is anticipated to decrease the travel duration between Kuala Lumpur and Singapore to 90 minutes.

If this project succeeds, it could lead to increased infrastructure development, boosting the prospects for property developers, said Khoo.  

“IWCity [also] has huge land banks near Johor Bahru, which is set to benefit from the higher property demand and increasing prices in Johor Baru, following completion of the rapid transit system in 2026,” Khoo added.

Johor’s Sultan Ibrahim Sultan Iskandar will also begin his five-year reign as the country’s next Yang di-Pertuan Agong on Jan 31.