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Iskandar receives takeover offer from Ekovest

Iskandar Waterfront City Bhd said its board received a conditional offer from Ekovest Bhd. to buy all its shares for 1.50 ringgit per share to be satisfied in cash or via a share exchange option.

The offeror is proposing to buy Iskandar's entire issued share capital totaling 837,388,857 ordinary shares as of Dec. 11 and any new shares that the company may issue prior to the closing date of the offer. Ekovest will pay 1.50 ringgit for every share surrendered under the offer, or exchange 1 new Ekovest ordinary share to be issued at 1.50 ringgit per share for every Iskandar share surrendered.

Iskandar will hold a board meeting to discuss the offer and make an announcement in due course, the company said in a release.

Ekovest had agreed to a conditional share sale agreement with Kumpulan Prasarana Rakyat Johor Sdn Bhd for the 53,595,267 shares it holds in Iskandar, equivalent to roughly 6.40% equity interest in Iskandar, for a cash consideration of roughly 80.4 million ringgit, or 1.50 ringgit per share.

The deal is conditional upon approval of Ekovest's shareholders. The voluntary takeover offer will become a mandatory general offer if Ekovest shareholders will approve the share sale agreement, according to the notice sent to Iskandar by Mercury Securities and Astramina, which are acting as principal and financial advisers, respectively, to Ekovest.

As of Dec. 18, US$1 was equivalent to 4.08 Malaysian ringgit.