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PARAGRAPH/RULE 8.03A COMPANIES : MONTHLY ANNOUNCEMENT

ISKANDAR WATERFRONT CITY BERHAD

Type Announcement
Subject PARAGRAPH/RULE 8.03A COMPANIES
MONTHLY ANNOUNCEMENT
Description
ISKANDAR WATERFRONT CITY BERHAD ("IWCity" or "the Company")
- Monthly Announcement Pursuant to Paragraph 8.03A of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad

Reference is made to the Company’s announcements on 25 March 2022, 3 June 2022, 10 June 2022, 22 March 2023, 19 April 2023, 20 September 2023, 18 October 2023 and the subsequent monthly announcements dated 8 July 2022, 1 August 2022, 1 September 2022, 3 October 2022, 1 November 2022, 1 December 2022, 3 January 2023, 2 February 2023, 1 March 2023, 3 April 2023, 2 May 2023, 1 June 2023, 3 July 2023, 1 August 2023, 1 September 2023 and 2 October 2023. Pursuant to Paragraph 8.03A(2)(b) of the Main Market Listing Requirements (“MMLR”) of Bursa Malaysia Securities Berhad (“Bursa Securities”), the Company is considered as an affected listed issuer.
We also refer to the Company’s announcement dated 27 September 2023 where the Board of Directors of the Company (“Board”) received a letter from Tan Sri Dato’ Lim Kang Hoo (“TSDLKH”), being the major shareholder of IWCity, requesting the Company to consider participating in a reorganisation, rationalisation and merger proposal comprising, among others, the proposed merger of the properties and assets of Iskandar Waterfront Holdings Sdn Bhd (“IWH”) and IWCity under a single entity through the acquisition by IWCity of the entire issued share capital of all the existing direct subsidiaries of IWH (“Proposal”). Subsequently, as announced on 27 October 2023, the Company has sought the mutual agreement of TSDLKH for an extension of 3 months commencing from 28 October 2023 to 27 January 2024, with an automatic extension of additional 3 months, to grant more time to the Company to assess, evaluate and deliberate the Proposal in detail and to commence discussions and negotiations on the terms of the binding heads of agreement or its equivalent between the parties.
The Board wishes to inform that the Company is evaluating on the options, which includes the Proposal with its appointed adviser, Maybank Investment Bank Berhad to regularise the status of the Company as affected listed corporation.
As announced on 18 October 2023, Bursa Securities had granted the Company a further extension of time of 6 months up to 24 March 2024 for the Company to submit its regularisation plan to the relevant regulatory authorities.
The Company has approximately 4.5 months to submit a regularisation plan to the relevant regulatory authorities for approval and will make the relevant announcement in relation to its latest development in accordance with the requirements under Paragraph 8.03A of the MMLR.
This announcement is dated 1 November 2023.






Announcement Info

Company Name ISKANDAR WATERFRONT CITY BERHAD
Stock Name IWCITY
Date Announced 01 Nov 2023
Category General Announcement for PLC
Reference Number GA1-01112023-00053



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