Eco World International gets GuocoLand as strategic investor

KUALA LUMPUR: Eco World International Bhd (EWI), which is eyeing a listing by March 2017, has announced that Singapore-listed GuocoLand Limited will be its strategic investor in its upcoming initial public offering (IPO) together with Eco World Development Group Bhd.

EWI will be issuing up to 2.15 billion new shares or a 89.7% stake. GuocoLand and Eco World will subscribe for a 27% stake each in EWI. About 18.7% will be for institutional offering and 17% for retail offering.

The remaining 10.3% is to be held by EWI executive vice chairman Tan Sri Liew Kee Sin. The price at which the new IPO shares will be issued has not been fixed.

The proposed listing and IPO of EWI is targeting to raise over RM2 billion to fund the development of four projects in London and Sydney.