KUALA LUMPUR (March 5): Ekovest Bhd and Iskandar Waterfront City Bhd (IWCity), two companies linked to tycoon Tan Sri Lim Kang Hoo, were actively traded in Tuesday's morning trade on Bursa Malaysia.
The trading interest in the stocks was fuelled by IWCity's 10-year development plan comprising three projects in Johor Bahru, with an aggregate gross development value (GDV) of RM4.33 billion on Monday.
At 9.45am, Ekovest saw 17.32 million shares traded so far, making the stock the second-most actively traded counter on Bursa Malaysia. The counter opened up 1.5 sen, or 3.33%, at 46.5 sen before climbing to 47 sen.
Meanwhile, IWCity saw 15.75 million shares exchanged hands, topping Bursa Malaysia's active trade list on Tuesday morning. The stock rose to an intra-day high of 79.5 sen, gaining as much as 8.16% or six sen from the prior day's closing price of 73.5 sen.
According to its statement on Monday, IWCity said its 10-year development plan comprises the RM3.5 billion waterfront township Tebrau Bay, RM500 million mixed waterfront development Danga Rivera, and RM330 million mixed-use development project Danga Heights.
Over the next five years, the first phase of the three key development projects, comprising an aggregate of 63 acres, is expected to generate a total GDV of RM1.8 billion, according to the company.
IWCity said the 100-acre Tebrau Bay is a waterfront township development, which will commence with a 30-acre pilot phase. Meanwhile, Danga Heights is a 29.3-acre mixed-use development project focused on retail, which will include a branded hotel, office and serviced apartment.
As for Danga Rivera, the project is a mixed waterfront development in Permas Jaya, which will feature shop offices, retail spaces, hotels and service suites.