EPF and PNB to take up about 6% in Eco World International IPO

KUALA LUMPUR: Employees Provident Fund (EPF) and Permodalan Nasional Bhd (PNB) are to take up about 6% interest in Eco World International Bhd (EWI) once it is listed on the Main Market of Bursa Malaysia.

The property developer announced earlier that the three is to sign a master cornerstone placement agreement, to effect the deal which will see EPF and PNB subscribe an aggregate of 140.4 million initial public offering (IPO) shares, representing more than 30% of the institutional offering.

The institutional offering comprises 449.46 million shares which makes up 18.7% of EWI's enlarged paid-up capital. The remainder of the institutional offering will be placed out via book-building process.

EWI president and CEO Datuk Teow Leong Seng told a press conference it will continue to promote the balance of the institutional offering to regional investors from Malaysia, Singapore and Hong Kong.