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Friday, April 24, 2015

Eco World aims to list its SPAC in the third quarter

ECO World Development Group Bhd chairman Tan Sri Liew Kee Sin (pic) is targeting to list the firm’s special purpose acquisition company (SPAC) in the third quarter of this year, pending an approval from the Securities Commission (SC).

“There are many regulations we have to follow. We are the pioneer in the property SPAC space, it is very challenging but we hope to receive the approval from the SC in June this year,” he told reporters on the sidelines of the Invest Malaysia 2015 yesterday.
The SPAC (Eco World International Bhd), which Eco World Development will own a 30% stake, was reportedly looking to raise RM1.87bil from investors.
The cash shell company is eyeing to acquire properties in the UK, after the listing.
“Eco World is a growing company and we are building the company,” Liew said.
Meanwhile, its president and CEO Datuk Chang Khim Wan said the group would achieve its RM3bil sales target for the current financial year ending Oct 31, despite a slow start to the year.
During the first four months of the current financial year, the group achieved RM621mil in sales.
Eco World has a total landbank of 5,245 acres in the country, with a potential gross development value of RM65bil.
“The group achieved cumulative sales of RM3.8bil over the last 16 months,” Chang said.
He said the strong sales were contributed by the group’s projects in Iskandar Malaysia namely Eco Botanic, Eco Spring and Eco Summer and Eco Business Park I.
The group’s projects in Klang Valley include Eco Sky and Eco Majestic.
He noted that the group aimed to complete its proposed 20% private placement by this quarter.

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