KUALA LUMPUR: Ekovest Bhd has no plans to revisit its take over offer for Iskandar Waterfront City Bhd (IWC) after the deal fell through.

"As the management, we respect the shareholders' decision. We'll not revisit the thing. We will go back to our core business and infrastructure expansion, in line with our Duke masterplan and River of Life project," said Ekovest managing director Tan Sri Lim Keng Cheng at a press conference after its EGM here today.

During the EGM, 69.2% of Ekovest shareholders representing 439.82 million voting shares voted against the deal.

However, he reiterated that valuations are cheap for IWC despite rejection from Ekovest minority shareholders.

Meanwhile, Ekovest executive chairman Tan Sri Lim Kang Hoo said the deal would have gone through if it is not a related-party transaction.

"If it is not related, it is done already. It's a different story."

Source: The Sun Daily - 29 Mar 2018