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Iskandar Waterfront eyes 2017 IPO revival

Johor, Malaysia-based developer Iskandar Waterfront Holdings Sdn. Bhd. is considering an IPO revival as early as 2017 on the Malaysian stock exchange, Bloomberg News reported.

Besides the domestic bourse, it may also consider a dual listing in Hong Kong or Singapore, Lim Kang Hoo, executive vice chairman of the company, told Bloomberg. Lim, however, declined to specify the expected proceeds from the IPO, the report said.

The company seeks to monetize more than 30 billion Malaysian ringgit of its assets via the listing, which was stalled in 2013 due to weak conditions in the property market.

A successful IPO would help the developer fund its mega projects in Kuala Lumpur and Johor, the publication noted. In December 2015, it teamed up with China Railway Engineering Corp. (M) Sdn. Bhd. to acquire 1Malaysia Development Bhd.'s 60% equity shares in Bandar Malaysia Sdn. Bhd. for 7.41 billion ringgit.

As of Oct. 11, US$1 was equivalent to 4.19 Malaysian ringgit.