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- The property developer, originally set up in 2013 to focus on foreign projects, in May proposed to change its name after announcing a planned pivot to the Malaysian market.
KUALA LUMPUR (July 4): Eco World International Bhd (KL:EWINT) announced on Thursday that it has changed its name to EWI Capital Bhd, and that its shares will be traded and quoted under its new name from next Monday (July 7).
The new stock short name will be “EWICAP”, replacing the old stock short name “EWINT”, the company said in a filing with Bursa Malaysia. The company's stock code remains unchanged.
The property developer, originally set up in 2013 to focus on foreign projects, in May proposed to change its name after announcing a planned pivot to the Malaysian market, citing headwinds it faced in the UK and Australia since the onset of the Covid-19 pandemic.
The counter has trended upwards since the news of its geographic shift, rising by over 19% to 34 sen at the time of writing at noon break on Friday, valuing Eco World International at RM816 million.
As part of the change, the company would end the brand licensing arrangement with its largest shareholder, Eco World Development Group Bhd (KL:ECOWLD), that allowed it to use the brand name 'EcoWorld' and restricted it from undertaking property projects in Malaysia.
Eco World Development Group holds a 29% stake in Eco World International, followed by another local property developer, Paramount Corp Bhd (KL:PARAMON), with a 21.54% stake.
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