Bursa Malaysia today issued an unusual market activity (UMA) query to Iskandar Waterfront City Bhd (IWCity) over the unusual price movement of its shares.
At the close, Iskandar Waterfront topped the actively-traded counter but its share price was 15 sen lower at RM1.98 with 272.02 million shares changing hands.
The stock, which hit limit-up yesterday, continued its uptrend earlier today on renewed interest following talk of IWH-CREC Sdn Bhd's re-involvement in Bandar Malaysia's development.
However, IWCity shares erased its gains at mid-afternoon as some traders took profits off the table.
IWH-CREC is a consortium that is 60 percent owned by Iskandar Waterfront Holdings Sdn Bhd (IWH) while the remaining equity interest is held by state-owned China Railway Engineering Corp (M) Sdn Bhd.
In 2015, IWH-CREC Sdn Bhd, executed a share sale agreement with 1Malaysia Development Bhd to acquire a 60 percent stake in Bandar Malaysia Sdn Bhd, to jointly develop the Bandar Malaysia project for RM7.4 billion.
The government, however, on May 3, announced that the SSA has lapsed due to the failure of purchasing parties to fulfill payment obligations.
It was reported that Bandar Malaysia might see more changes to its equity structure that would likely include IWH-CREC regaining its status as the original master developer, causing a buying-spree for IWCity, which is 38.3 percent owned by IWH.