KUALA LUMPUR (March 13): Ekovest Bhd fell 2 sen in heavy volume at mid-morning today, possibly due to profit-taking by investors after closing on a high of RM1.45 last Friday. The stock rose to its yearly high on Friday, jumping 291% from its low of 37 sen on March 15, 2016. Property tycoon Tan Sri Lim Kang Hoo who is a majority shareholder in Ekovest, is also the executive vice-chairman of Iskandar Waterfront Holdings Bhd (IWH) which is now in a proposed merger exercise with its majorly-owned company Iskandar Waterfront City Bhd (IWCity), as announced last week. Lim currently owns 63.1% in IWH through Credence Resources Sdn Bhd, while IWH currently holds a 38.34% stake in IWC. Ekovest shares fell 1.38% at 11am today to settle at RM1.43, with some 38 million shares traded.

Source: The Edge Markets March 13, 2017 04:22 UTC