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Iskandar-Ekovest deal off after Ekovest shareholders vote against it

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Iskandar-Ekovest deal off after Ekovest shareholders vote against it

Shareholders of Ekovest Berhad failed to approve a deal to acquire diversified property developer Iskandar Waterfront City Bhd, terminating the deal. All acceptances received will be returned to Iskandar Waterfront shareholders.

Ekovest in December 2017 made an unsolicited offer to buy all Iskandar Waterfront shares for 1.50 Malaysian ringgit per share.

The offer included the purchase of 53,595,267 Iskandar Waterfront shares from Kumpulan Prasarana Rakyat Johor Sdn Bhd CKPRC, and that agreement is now terminated as well.

As of March 29, US$1 was equivalent to 3.87 Malaysian ringgit.