They claim that since last year, they had separately tried to redeem their investments, but ACE Holdings had replied that since its operations were badly affected by the Covid-19 pandemic, payments would be delayed.
“The company is in the midst of formulating a plan to regularise its financial condition.
It’s better late than never for us to get back in the game.
The auditor, KPMG PLT, noted that financial statements indicated that the group incurred net losses of RM43.
In a Bursa Malaysia filing on Friday (April 28), the property developer said it had entered into a settlement and subscription agreement with Tan Sri Tan Chee Sing through his wholly-owned T Shares 1 Sdn Bhd (TSSB), to settle the amount owed.
Datuk Teow Leong Seng, president & CEO: “The proposed capital reduction is a concrete first step towards the realisation of EcoWorld International’s commitment to meet our targeted distribution of RM900 million to our shareholders as earlier announced.
Nadi comprises three phases of shopoffices and is estimated to have a gross development value of RM500 million, occupying 34 acres out of the 1,010-acre Setia EcoHill 2 which is planned for completion by 2026.
The exercise involving disposal and diversification plans is also part of its corporate strategy to increase its stake in Furniweb, according to a statement on Friday (April 28).
Its portfolio occupancy improved to 89.
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