Tan Sri Abdul Rashid Abdul Manaf transferred his entire 219.88 million shares or a 7.47% stake in Eco World Development Group Bhd to the group's executive chairman Tan Sri Liew Kee Sin on Tuesday.

KUALA LUMPUR (Nov 7): Eco World Development Group Bhd co-founder Tan Sri Abdul Rashid Abdul Manaf has ceased to be a substantial shareholder after he has sold his entire stake in Eco World Development Holdings Sdn Bhd (Eco World SB), which owns 7.47% equity interest in the listed entity.

The stake in Eco World SB was sold to Tan Sri Liew Kee Sin, the executive chairman of Eco World Development via a share sale and purchase agreement dated Nov 7, according to the company's filing to Bursa Malaysia.

Upon completion of the share transfer, Liew's indirect stake has raised to 12.842%, or 378.12 million shares, while his direct stake is at 9.407% (276.99 million shares).

Eco World shares settled up one sen or 0.95% at RM1.06, giving the group a market capitalisation of RM3.12 billion. The counter has risen 68.25% year to date.