Ekovest MD Lim Keng Cheng redesignated as non-executive director
Keng Cheng, 62, is nephew to Ekovest’s executive chairman Tan Sri Lim Kang Hoo, who controls about 28% stake in the construction group.
Keng Cheng, 62, is nephew to Ekovest’s executive chairman Tan Sri Lim Kang Hoo, who controls about 28% stake in the construction group.
On a segmental basis, Ekovest’s revenue from property development tumbled 86.
Ekovest plans to use the proceeds arising from the disposal to reduce its debts and for working capital purposes.
In 2016, Ekovest said it was disposing of its 40% equity interest held in Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd (Kesturi) to the EPF for RM1.
In a trading stocks note on Monday, the research house said the stock broke past the 54 sen resistance as the bullish momentum is picking up.
Ekovest said the two groups will participate in infrastructure concession assets, large-scale infrastructure projects, food security and trading initiatives, retailing ventures and transit-oriented development (TOD) projects.
The segment's operating profit grew to RM45.
Ekovest told Bursa Malaysia on Friday that it is disposing of its entire stake in Ekovest Construction Sdn Bhd (ECSB) to Knusford Bhd for RM450 million.
On Wednesday, Lim proposed to undertake a reorganisation, rationalisation and merger proposal involving companies in which he is a major shareholder, namely Knusford, Ekovest, Iskandar Waterfront Holdings Sdn Bhd (IWH), and Iskandar Waterfront City Bhd (IWCity).
Lim, who is a major shareholder of Ekovest Bhd, Knusford Bhd, Iskandar Waterfront Holdings Sdn Bhd (IWH) and Iskandar Waterfront City Bhd (IWCity), said he has proposed to undertake a reorganisation, rationalisation and merger proposal involving these companies, for the consideration of the boards of directors.