Home News Iskandar Waterfront to raise RM1.5 billion to pare debt

Iskandar Waterfront to raise RM1.5 billion to pare debt

Author

Date

Category

- Advertisement -

A report by Nasdaq said the debt ridden Iskandar Waterfront Holdings Sdn Bhd (IWH) is issuing new shares to raise U$338 million this year.

IWH, controlled by Malaysian property tycoon Lim Kang Hoo, will issue around 600 million new shares to raise funds as part of a merger to cut debt, a senior official as well as the
company’s financial adviser told Reuters.

IWH has recently offered to buy out its listed unit Iskandar Waterfront City Berhad or IWC.

IWH’s financial adviser Astramina Advisory estimates that at 2.47 ringgit per share, it would pare down the 2 billion ringgit debt consolidated under IWH after the merger.

- Advertisement -

The company is targeting foreign corporates, it said.

The shares will be issued and privately placed to institutional investors.

Last week, IWH announced plans to buy out the 61.7 percent stake it does not already own in IWC.

The merger deal is expected to be completed in six to nine months, after which IWH targets a secondary listing in Hong Kong, China or Singapore within 12 months.

IWC’s market capitalisation is currently 2.26 billion ringgit, Thomson Reuters data shows but the merged company’s market capitalisation could hit 30 billion ringgit.

WH and China Railway Engineering Corp bought a 60 percent stake in Bandar Malaysia from troubled Malaysian state fund 1MDB for 7.41 billion ringgit.

Send in your scoop to news@theindependent.sg 

- Advertisement -

First two out of group of ang mohs and foreigners fined over yacht party near Lazarus Island

A group of men and women were seen flouting safe-distancing measures while on a yacht at Lazarus Island on Dec 26 last year. The first two members of the group to face the court — Singapore permanent resident Mark Lau San...

Minor injuries for driver after SUV flips over on SLE

Singapore—A white sport utility vehicle (SUV) turned turtle on the Seletar Expressway (SLE) before the Woodlands Avenue 12 exit on Monday morning (March 1). One man sustained minor injuries in the incident. However, he refused an offer from the Singapore Civil Defence Force...

Monitor lizard eats python whole in Ulu Pandan canal, throws up and burps

Singapore – A monitor lizard was spotted eating a large python in Ulu Pandan canal. Passers-by watched, snapped pictures and pressed the video button, but guess who threw up his lunch? The lizard. The python proved too much to swallow. "Python hunted...

Send in your scoop to news@theindependent.sg 

Theindependent