Guocoland to subscribe for 27% stake in EcoWorld International at IPO

SINGAPORE (Oct 27): Guocoland said on Thursday it will subscribe to a 27% stake in Eco World International (EWI) at the IPO for its Bursa Malaysia listing to raise RM2 billion ($666 million) to fund four projects in London and Sydney.

Guocoland’s newly established indirect wholly owned subsidiary GLL EWI Hong Kong signed the conditional shareholders agreement with Eco World Development Group and Liew Kee Sin for the proposed share subscription. Upon completion of the listing, Guocoland will hold an equal 27% stake in EWI as Eco World Development, as well as 27% of issued warrants.

EWI in turn holds a 75% stake in three ongoing property development projects in London, the United Kingdom, and a 100% stake in an ongoing property development project in West Sydney, Australia. The four projects have a combined total estimated gross development value of GBP2.4 billion ($4.1 billion).

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