IWCITY (1589) - It all started with the sale of 40% stake of Duke for $ 1.1 billion
If one looks at the price charts of both Ekovest and IWCITY, it all started with the sale of Duke to EPF for $ 1.1 billion....and now, the once highly geared Ekovest and affiliates in the group IWH and IWCITY are the toast of the town. Celebrities.
All the ambition, all the planning, all the execution come together and every thing looks rosy.
Recall that,
IWH had wanted to list as early as 2013 but failed to get going.
In the meantime, IWH in a 50: 50 JV with China Railway Engineering Corp "CREC" paid $ 7.4 billion for a 60% stake in Bandar Malaysia. Who paid for it ? how it is financed ?, the public do not know.
In April 2015, IWC inked a deal to sell 128 acres to the Greenland Group from China for $ 2.37 billion which would have produced $ 1. 6 billion pre tax profits for IWC equavalent to $ 1. 89 per share for IWC. However, this transaction has been extended numerous times since. The most recent extension announced Jan 28 was extended to March 2 , 2017, whiatever happened to it? The share price of IWC certainly did not seem to take this transaction seriously.
In the meantime, trouble out of China......
Country Garden halts Malaysian housing sales to stem capital flight
http://www.scmp.com/business/companies/article/2077490/country-garden-suspends-china-sales-flagship-malaysian-housing?amp
Iskandar is far from the brochures and promises of property agents.
Out of the 7000 acres of Johor land that the company says fetches a combined valuation of $ 30 billion, fully 4,300 acres are in Iskandar....and certainly not all gives you the wonderful views of Singapore, they want to imply....lol.
IWCITY has net asset value of $ 600 million as at December 2016, $ 50 million cash and $ $ 142 million borrowings.
Tan Sri Lim Kang Hoo seems to be running out of time.....until recently, that is.
With immaculate planning, excellent advisers and brilliant execution, adversity has been turned into opportunity, Bad things extinguished, share prices limit up and more than trebled.
The world looks like at his feet. True or not?
Good luck and best wishes to Tan Sri.
IWCITY (1589) - It all started with the sale of 40% stake of Duke for $ 1.1 billion
http://klse.i3investor.com/blogs/stockman/118062.jsp
