IPO ... IWH

Iskandar Waterfront Holdings Sdn Bhd (IWH), a unit majority-controlled by Tan Sri Lim Kang Hoo, is believed to be working on a plan to list the company on Bursa Malaysia by as early as 2013.

IWH is 60 per cent-controlled by Lim and those alligned with him via Credence Resources Sdn Bhd, while the balance are owned by Kumpulan Prasarana Rakyat Johor (KPRJ), a unit controlled by the Johor government.

The plan to sell IWH shares on the stock market are still in the preliminary stage, as the company will first have to be restructured. The shareholding needs to be realigned to include other government-linked companies interest at the IWH level.

IWH is a holding company with interest in as many as five major players in the Johor property sector. Companies it has interest in are Danga Bay Sdn Bhd (100 per cent), Iskandar Coast Sdn Bhd (20 per cent), Iskandar Waterfront Sdn Bhd (72 per cent), CBDD Sdn Bhd (60 per cent) and Tebrau Teguh Bhd (47 per cent).

IWH is the master developer in charge of the development of Danga Bay , Iskandar Waterfront, Tebrau Coast and the central business district development in Johor.

The entire waterfront project is part of the Iskandar Malaysia development, which is spearheaded by Khazanah Nasional Bhd.

This is done via Iskandar Investment Bhd, which was incorporated in late 2006 to oversee and encourage regional development within a 3,600ha landbank in the heart of the Johor region.

Khazanah Nasional has a 80 per cent stake in Iskandar Investment, while KPRJ and the Employees Provident Fund 20 per cent stake.

Currently (Dec 2012), only KPRJ has a direct stake in IWH, which oversees the development of the valuable landbank stretching 1,210ha in southern Johor Baru.

The current gross development value (GDV) of IWH's total landbank stands at more than RM100 billion, and its IPO is bound to attract a lot interest due to the size of its GDV and IWH's unique status.