KUALA LUMPUR (Jan 27): Ekovest Bhd announced that its proposed RM1.15 billion acquisition of Credence Resources Bhd (CRSB) from its major shareholder, Tan Sri Lim Kang Hoo, has been terminated after the parties failed to complete the transaction before the final extended deadline.
In a filing with Bursa Malaysia, Ekovest said the heads of agreement (HOA) signed with Lim to negotiate and evaluate the proposed acquisition expired on Jan 26, 2026. The agreement had been extended nine times since the deal was first revealed, but no further extension was secured.
The group did not disclose specific reasons for the lapse. Previously, Ekovest had stated that the multiple deadline extensions were intended to allow both parties additional time to assess the commercial terms and overall structure of the transaction.
When the proposal was first announced in 2023, Ekovest planned to acquire a 70% equity interest in CRSB for approximately RM1.15 billion. The purchase consideration was to be satisfied through the issuance of new Ekovest shares at an issue price of 60 sen per share.
At the time, Ekovest said the acquisition would significantly strengthen its property development arm by granting access to CRSB’s extensive land bank. This included strategic parcels held via Iskandar Waterfront Holdings Sdn Bhd and Iskandar Waterfront City Bhd, with a combined land area of about 4,212 acres in Johor.
Although the transaction did not proceed, Ekovest continues to maintain a solid operational profile. Data from AskEdge shows that the group recorded strong trailing 12-month earnings before interest, tax, depreciation and amortisation (EBITDA) margins of 47.5%, though return on equity stood at 4.7%.
From a broader real estate perspective, consolidation and land bank strategies remain key themes in Malaysia’s property sector. Demand continues to be driven by established markets such as commercial property in KL and premium office space in Bukit Jalil, alongside sustained investor interest in industrial land in Selangor, factory developments in Puchong, and mature industrial property in the Subang area supporting manufacturing and logistics activity across the Klang Valley.
Malaysia