Eco World International to raise RM2.6b from IPO

KUALA LUMPUR: Eco World International Bhd (EWI), which launched the prospectus for its initial public offering (IPO) today, expects to raise gross proceeds of about RM2.6 billion from its IPO.

EWI expects to issue up to about 2.153 billion new shares. The retail offering, which closes on March 20, comprises 408 million IPO shares representing 17% of the enlarged issued and paid-up share capital of EWI post-listing.

Of the 408 million shares, 48 million shares representing 2% of the enlarged issued and paid-up share capital of EWI have been allocated for the Malaysian public.

President and CEO Datuk Teow Leong Seng said the retail offering is priced at RM1.20 per share while the institutional offering of up to 449.459 million shares will be priced based on book building.

EWI recently signed a subscription agreement with GuocoLand Limited for a strategic 27% stake and cornerstone placement agreements with the Employees Provident Fund Board, Permodalan Nasional Bhd and Kumpulan Wang Persaraan (Diperbadankan) for the subscription of 212.4 million shares in aggregate.