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UEM Sunrise denies merger with Eco World

23 Sep 2019 / 20:57 H.

PETALING JAYA: UEM Sunrise Bhd has denied a proposed merger with Eco World Development Group Bhd.

“UEM Sunrise continuously explores strategic business opportunities that can deliver stakeholder and shareholder returns. With reference to media reports on a potential merger with a property company, we wish to clarify that the board of directors has not made nor received any corporate proposal as reported in the media from any party for its consideration,” it told Bursa Malaysia today.

It added that where necessary, the group will release a proper announcement on any material issue on a timely basis as required by the Main Market Listing Requirements of Bursa Malaysia Securities Bhd.

It was reported that UEM Sunrise may acquire Eco World through shares swap, which could result in Eco World founder Tan Sri Liew Kee Sin holding 15% to 20% in UEM Sunrise.

The merged entitiy will have total landbank of 7,284ha.

Khazanah Nasional Bhd is a major shareholder of UEM Sunrise with a 66.06% indirect stake.

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