• “HBSB’s representatives will also resign as directors of MySJ.”

KUALA LUMPUR (Nov 8): Eco World Development Group Bhd (EcoWorld) said that its wholly-owned subsidiary Hasrat Budi Sdn Bhd (HBSB) will no longer hold any shares in MySJ Sdn Bhd. 

In a bourse filing on Tuesday (Nov 8), the property developer said the cheque for the option price between Entomo Malaysia Sdn Bhd — the operator of the MySejahtera app — and its founder and group chief executive officer and MySJ director Raveenderen Ramamoothie has been cleared. 

“Accordingly, the shares in MySJ held by HBSB will be retransferred, whereupon HBSB will no longer hold any shares in MySJ.

“HBSB’s representatives will also resign as directors of MySJ,” EcoWorld noted. 

The announcement comes following a consent judgement entered on July 28 for Entomo (formerly known as KPISoft Malaysia Sdn Bhd) and Raveenderen to purchase all of HBSB’s shares in MySJ. 

“The option price represents HBSB’s original purchase cost of RM24 million plus premium at the rate of 10% per annum, calculated from Aug 27, 2021 until Nov 2, 2022,” EcoWorld said in a filing dated Oct 28. 

The current sole director appointed by HBSB onto MySJ’s board is Tan Sri Liew Kee Sin, who is EcoWorld's chairman. Meanwhile, EcoWorld executive director Datuk Heah Kok Boon is Liew’s alternate director on MySJ’s board.

News portal CodeBlue on Sept 13, citing a draft consent judgement filed by HBSB on July 20 in the High Court here, stated that upon payment of the option price to HBSB, HBSB would have no further claims under MySJ’s share sale agreement and shareholders’ agreement. 

In February this year, HBSB filed a suit against Entomo, MySJ shareholder Revolusi Asia Sdn Bhd, Raveenderen, MySJ directors Anuar Rozhan and Tan Sri Shahril Shamsuddin, and MySJ to insist on its strict contractual rights under the shareholders’ agreement, due to a conflict over directorship of MySJ.

  1. Kenanga stays ‘neutral’ on property, favours EcoWorld, IOI Properties on strong cash flows
  2. EcoWorld issues RM550m sukuk for working capital, capex
  3. EcoWorld on track to achieve RM3.5 bil sales target in FY2023, say analysts