EcoWorld: Syed Mokhtar acquires Leong Kok Wah's stake, becomes substantial shareholder

PETALING JAYA (May 18): Tan Sri Syed Mokhtar Shah Syed Nor (pictured) became a substantial shareholder of Eco World Development Group Bhd (EcoWorld) on May 15, following the transfer of Datuk Leong Kok Wah's entire shareholding in Syabas Tropikal Sdn Bhd (STSB) to him.

According to its Bursa announcement and press statement, the transfer, which took effect on May 15, resulted in Leong ceasing to hold any indirect interest in EcoWorld, while Syed Mokhtar assumed an indirect interest of approximately 30.1% in the developer.

Leong had resigned as a non-independent director of EcoWorld on March 31, 2026, citing health reasons, according to a Bursa Malaysia filing at the time.

STSB is the holding company of Sinarmas Harta Sdn Bhd (SHSB), which holds 969,919,015 ordinary shares in EcoWorld.

The shares are held across four nominee accounts — with RHB Capital Nominees (Tempatan) Sdn Bhd holding 589,919,015 shares across two pledged securities accounts, Public Nominees (Tempatan) Sdn Bhd holding 180,000,000 shares and Maybank Nominees (Tempatan) Sdn Bhd holding 200,000,000 shares — all pledged on behalf of SHSB.

Both notices were filed with Bursa Malaysia today — a notice of interest pursuant to Section 137 of the Companies Act 2016 for Syed Mokhtar, and a notice of cessation pursuant to Section 139 of the Companies Act 2016 for Leong.

Leong does not hold any direct interest in EcoWorld.

EcoWorld executive chairman Tan Sri Liew Kee Sin said the company wished to record its appreciation to Leong, who had been a shareholder for 13 years.

"On behalf of everyone at EcoWorld, I wish to record our sincere appreciation to Dato' Leong who has been a very strong and supportive shareholder over the last 13 years," Liew said.

"We welcome Tan Sri Syed Mokhtar as the new substantial shareholder of EcoWorld and we look forward to working with him to take EcoWorld to greater heights in the years ahead," he added.

EcoWorld is a public-listed property developer with 12,280 acres of landbank spanning the Klang Valley, Iskandar Malaysia, Penang and Negeri Sembilan, with a total estimated gross development value of RM100 billion.

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