Malaysia's Iskandar Waterfront Holdings to plan back-door listing

Malaysia's Iskandar Waterfront Holdings to plan back-door listing

Malaysia's Southern Economic Corridor, Iskandar Malaysia, in the Johor state.

Iskandar Waterfront Holdings Sdn Bhd, controlled by Malaysian property tycoon Lim Kang Hoo, has offered to buy Iskandar Waterfront City Berhad (IWC) in a “back door” listing of one of the country’s biggest property firms.

Lim’s Iskandar Waterfront Holdings, which media reports said had been considering an initial public offering in early 2017 to raise about $300 million, offered to buy the 61.7 percent stake in IWC it does not already own for 1.50 ringgit per share, valuing IWC at 1.24 billion ringgit ($279 million).

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