IWC rallies on speculation about Bandar Malaysia

PETALING JAYA: Shares in Iskandar Waterfront City Bhd (IWC) saw another round of rally on speculation that it could now be a beneficiary of the Bandar Malaysia project.

IWC’s shares soared 30 sen and were the most actively traded counter yesterday, following news that the Dalian Wanda Group was said to be facing restrictions in funding for its offshore deals by the Chinese government.

According to a Bloomberg report, investors were buying into IWC stocks on speculation that the company may be once again involved in the Bandar Malaysia project.

Rumours have been swirling that Dalian Wanda would be participating in the Bandar Malaysia project since Prime Minister Datuk Seri Najib Tun Razak met up with Dalian Wanda Group chairman Wang Jianlin during the Belt and Road Forum for Economic Cooperation in May.

The Wanda chairman had expressed “desire” to participate in the Bandar Malaysia development and was expressing his stance although no agreement has been reached.

Meanwhile, IWC closed at RM1.54 on a volume of 109.25 million shares yesterday. Trading in IWC shares has been extremely volatile. The week before, on Friday, it touched its four-month low of RM1.19.

IWC’s share price has declined as much as 63% from its peak of RM3.22 on May 2 this year, after the Finance Ministry (MoF) rescinded an earlier award to a consortium comprising China Railway Engineering Corp (M) Sdn Bhd and IWC.