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Quick take: Ekovest continues uptrend, added 2.76%

KUALA LUMPUR: Shares in Ekovest Bhd continued to gain ground in early trade Monday following news on the latest development on the Bandar Malaysia project.

The counter, climbed 2.5sen, or 2.76% to 93 sen, its highest since May this year. The counter is the most actively traded counter on Bursa Malaysia with over 103.64 million shares done.

Iskandar Waterfront City Bhd (IWC) added 3.92%, or four sen to RM1.06 with 33.85 million shares traded.

It was reported that IWH CREC consortium, a joint-venture between Iskandar Waterfront Holdings Sdn Bhd (IWH) and China Railway Group Ltd (CREC) will hold a signing ceremony for the Bandar Malaysia development next Tuesday.

The Bandar Malaysia project, which is to redevelop the former air-force base in Sungai Besi, is expected to kickstart soon.

The joint-venture IWH-CREC Sdn Bhd and Ministry of Finance (MoF) are expected to sign a reinstatement amended share sale agreement soon to finalise the terms and details relating to the divestment of the 60% equity interest held by the Government in the development project.

Ekovest executive chairman Tan Sri Lim Kang Hoo is the common shareholder in Ekovest and IWC while IWH is Lim’s investment vehicle.

Source: TheStar