(Nov 13): Iskandar Waterfront City executive vice-chairman and controlling shareholder Lim Kang Hoo has expressed surprise that the market sees his proposal for Ekovest to privatise IWC recently as a bailout.
“I was very surprised,” Lim says following the market selldown of Ekovest after the announcement. “Shocked that the market would perceive it as a bailout.”
Ekovest’s share price collapsed after the deal was announced, falling as much as 18.5%, or almost RM460 million ($148.27 million) in market capitalisation. Clearly, the market did not take too kindly to the deal.