Ekovest Bhd has extended by another three months its 2023 agreement to acquire four parcels of land along the Johor Bahru–Singapore RTS Link, with the new deadline set for April 27, 2026, as negotiations continue.
In a filing, Ekovest said the extension, from Jan 28 to April 27, allows more time for review and discussions. The original deal, planned for April 2024, has now been extended five times.
The company said it agreed with the vendors to extend the deal by three months, from Jan 28 to April 27, 2026, to allow more time to review the acquisition and negotiate the agreement terms.
The company signed binding term sheets on Oct 27, 2023, with two parties for a proposed RM310 million acquisition covering 15.82 acres for potential transit-oriented development. The first agreement involves two freehold parcels totaling 6.18 acres, currently housing Danga City Mall and an expo building, from Danga City Mall Sdn Bhd (DCMSB) for RM210 million. The second agreement covers two leasehold parcels totaling 9.64 acres from Khazanah Melati Sdn Bhd for RM100 million.
Both vendors are linked to Ekovest’s substantial shareholder Tan Sri Lim Kang Hoo. Lim owns 86.071 million redeemable preference shares in DCMSB and extended a loan to Khazanah Melati, while holding a 20.059% direct and 11.225% indirect interest in Ekovest.
Under the term sheets, Ekovest may acquire the land directly or through purchasing all shares of DCMSB and Khazanah Melati. Payment is expected to be settled via new Ekovest shares at 60 sen each. The company’s shares have fallen 55% and last closed at 27 sen, giving it a market value of RM800.7 million.
Ekovest said the acquisition aims to strengthen its property development and investment business by leveraging demand from the RTS Link’s improved connectivity to Singapore.
The extension comes a day after Ekovest allowed its proposed RM1.15 billion acquisition of Credence Resources Bhd from Lim to lapse. The heads of agreement for that deal expired on Jan 26, 2026, after nine extensions since its announcement.
