KUALA LUMPUR (June 10): Iskandar Waterfront City Bhd (IWCity) has decided not to appeal against the rejection of the relief application by Bursa Securities and said that it is now a Paragraph 8.03A affected listed issuer. The regulator had via its letter dated June 3, rejected IWCity’s relief application. The group stressed that it has unbilled sales of approximately RM65 million, which will be recognised as revenue progressively in the current financial year onwards. In light of the above, IWCity believes the group will be able to rectify its Paragraph 8.03A affected listed issuer status within the said regularisation period. Shares in IWCity closed one sen or 3.08% lower to 32 sen on Friday, giving it a market capitalisation of RM290.16 million.

Source: The Edge Markets June 10, 2022 18:58 UTC