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KUALA LUMPUR, March 8 (Reuters) - Malaysian property developer Iskandar Waterfront Holdings Sdn Bhd proposed on Wednesday to buy the 61.7 percent of Iskandar Waterfront City Berhad (IWC) it does not already own.
It offered to pay 1.50 ringgit for each IWC share, valuing IWC at 1.24 billion ringgit ($278.5 million) based on the number of outstanding shares.
Malaysian tycoon Lim Kang Hoo's Iskandar Waterfront Holdings said it would assume the listing status of IWC on the Bursa Malaysia stock exchange upon completion of the deal. ($1 = 4.4520 ringgit) (Reporting by A. Ananthalakshmi; editing by David Clarke)