Eco World Development deputy chairman Leong Kok Wah redesignated as non-executive director

• Leong, 71, served as non-independent non-executive deputy chairman of the group since November 2013. He is Eco World Development’s largest shareholder controlling a 32.89% stake.

KUALA LUMPUR (Dec 12): Eco World Development Group Bhd’s (KL:ECOWLD) largest shareholder and deputy chairman Datuk Leong Kok Wah has been redesignated as a non-independent non-executive director, effective immediately.

The property developer’s bourse filing on Thursday announcing the redesignation did not disclose the reason behind the boardroom change.

Leong, 71, served as non-independent non-executive deputy chairman of the group since November 2013. He is Eco World Development’s largest shareholder controlling a 32.89% stake.

Leong emerged as a substantial shareholder of the group in October 2013 after Eco World Development Holdings Sdn Bhd (EWDH) bought a 30% stake in the company then known as Focal Aims Holdings Bhd.

According to a bourse filing in October this year, Leong disposed his equity interest in EWDH to the Eco World Development's executive chairman Datuk Seri Liew Kee Sin. The disposal resulted in EWDH’s 7.5% stake in Eco World Development no longer being deemed Leong’s indirect interest.

A check with the Companies Commission Malaysia shows that Eco World Development Holdings Sdn Bhd is wholly owned by Kee Sin.

Besides Leong, Eco World Development’s other substantial shareholders comprise Kee Sin with a 22.22% stake and his son executive director Liew Tian Xiong with a 7.34% stake.

For the financial year ended Oct 31, 2024 (FY2024), the property developer posted a 60.3% rise in net profit to RM303.54 million from RM189.32 million in the same period last year, as full-year revenue inched up 1.41% to RM2.26 billion from RM2.23 billion.

The group declared a final dividend of two sen per share, payable on Jan 14, 2025. This brought total dividend payout for FY2024 to six sen per share — matching FY2023’s tally.

Shares in Eco World Development closed one sen or 0.5% higher at RM2, valuing the group at RM5.9 billion.

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