Guocoland’s stake in Eco World gets a ‘yes’ vote

SINGAPORE (Oct 28): Guocoland’s participation in Eco World Development Group’s planned IPO of Eco World International (EWI) has CIMB maintaining its “add” call with a target price of $2.59.

In a Thursday note, lead analyst Lock Mun Yee notes that the shareholders’ agreement would expand Guocoland’s geographic footprint into Australia and UK, where EWI has developments in.

EWI currently has 75% stakes in three ongoing developments in London and wholly owns a development in West Sydney, Australia, which has a combined development value of $4.1 billion. As of 16 Oct, EWI has about $1.7 billion worth of sales from these projects.

---

Related Stories

• Australia’s social media ban for under 16s to become law
• GuocoLand-led JV puts in winning bid of $349.9 million for Faber Walk site
• CapitaLand Investment sets $1 bil profit target, plans new REITs

---