EKOVEST - DAYS ARE GETTING LONGER

Ekovest has rebounded from a low of 73 cents to 81 cents since the budget announcement that the mammoth Bandar Malaysia project is to carry on. But one wonders why Ekovest has not move up with the official announcement. Surely it provides a strong clue that Ekovest would be a beneficiary, and provide tremendous opportunities for this construction company. Maybe the investors are not confident of our current government flip flop techniques. But look at this article on April 22 2019;

KUALA LUMPUR: Iskandar Waterfront City Bhd and Ekovest Bhd, which are controlled by Tan Sri Lim Kang Hoo, have issued separate statements to Bursa Malaysia clarifying they are not involved in the revived Bandar Malaysia project.

The statements came after shares in the two companies jumped to their maximum allowable daily limit, today. Shares in Ekovest surged 30 sen, or 45 per cent to close at 97 sen while IWCity rose 30 sen or 29 per cent to close at RM1.32.
Both companies told Bursa Malaysia today that they were not aware of the reason behind the recent surge in their share prices. They advise investors to exercise caution in the trading of their shares.

"Save for the press release issued by the Prime Minister's Office on April 19 titled 'Government to Restate Bandar Malaysia Project' in which the name of our sister company, IWH-CREC Sdn Bhd was mentioned, we wish to clarify that IWCity is not involved in the reinstatement of the Bandar Malaysia project," IWCity said.

Ekovest also confirmed that it is not involved in the revived projectN

What gives? Investors are sure that these listed companies are involved in the projects but take note that Ekovest has been involved in private placements and would it able to stomach more dilution or a rights call in case of asset injection. Its also involved in the PLS exercise.

The denial of the involvement could give rise that Bandar Malaysia could be injected into a reverse takeover vehicle; which would make more sense as a clean slate company can do private sale of equities, fresh financing plus no need for more contributions from the owners.

Still, the truth remained to be seen now that we are six months from the announcement and 4 months late for the rest of the initial deposit deadline.

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