UEM Sunrise may buy Eco World in share swap: Report

KUALA LUMPUR (Sept 20): Malaysian property developer UEM Sunrise Bhd may acquire rival Eco World Development Group Bhd in a share swap deal, New Straits Times reports, citing unidentified sources.

The report quoted sources saying UEM Sunrise may buy over Eco World in a shareswap deal that could see the latter’s substantial shareholder, Tan Sri Liew Kee Sin, ending up with a 15% to 20% stake in the former.

If it happens, the deal would make the new entity one of the largest property developers by landbank in Malaysia with 7,284ha and a GDV of RM190 billion.

Sime Darby Property Bhd is currently the largest landowner in Malaysia with more than 8,093ha.

Sovereign wealth fund Khazanah Nasional Bhd might also see a reduction in its 66% indirect interest in UEM Sunrise.

Deal was said to be among several proposals by bankers to consolidate two major players and create a property champion with a large landbank and brand power.

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