KUALA LUMPUR: Tan Sri Liew Kee Sin has emerged as a substantial shareholder of Eco World Development Group Bhd, with an indirect 35.05% stake in the property development company, controlled and run by former S P Setia Bhd executives.
In a Bursa Malaysia filing yesterday, Eco World revealed that Liew held 88.78 million shares. According to the filing, Liew was deemed to have an indirect stake by virtue of his son Liew Tian Xiong’s direct equity interest in the group, of which he is a director.
It also said the disclosure of the stake followed Liew’s appointment as a non-independent non-executive director of the company on May 5.
Eco World is currently undertaking a massive fundraising exercise, including an issue of 806.84 million new shares to Eco World Development Holdings Sdn Bhd and Sinamas Harta Sdn Bhd to raise RM1.37 billion, plus a rights issue to raise RM788 million from shareholders.
In addition, Eco World acquired development rights to eight projects with a combined gross development value of RM30 billion.
Eventually, Eco World’s landbank will expand to 4,433 acres (1,793.6ha) from 1,326 acres currently.
This article first appeared in The Edge Financial Daily, on May 9, 2014.
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