Iskandar Waterfront plots backdoor listing

The Malaysian group drops a year-long plan to list its properties and now plans to inject them into its listed subsidiary in a $278 million merger.
Iskandar Waterfront's property development at the Strait of Johor
Iskandar Waterfront's property development at the Strait of Johor

Malaysian property developer Iskandar Waterfront Holdings announced on Wednesday that it will merge with its Kuala Lumpur-listed subsidiary Iskandar Waterfront City in a M$1 24 billion ($278 million) deal, putting an end to speculation that the developer will list its assets separately at the group level

Iskandar Waterfront Holdings looked set to bring one of the most exciting initial public offerings in Malaysia when it sounded out a potential $300 million deal in 2013 The developer drew market attention because it focuses on development in the country’s southern state of Johor, which has huge potential for growth due to its proximity with Singapore

In particular, most of Iskandar’s land banks are...

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