ECO WORLD DEVELOPMENT GROUP BERHAD
KLSE (MYR): ECOWLD (8206)
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This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
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Eco World International to submit IPO application by 1H16
KUALA LUMPUR: Eco World International Bhd (EWI) will submit the necessary listing documents to the Securities Commission (SC) by the first half of 2016.
EWI handles the international operations of the Eco World brand, which is currently focused on the United Kingdom and Australian markets.
Asked on its IPO update, president/chief executive officer Datuk Teow Leong Seng said the company was in the process of making an application to the SC.
"We expect it to be completed in the first half of next year," he told a media briefing on Eco World Development Bhd's full-year results on Thursday.
Subject to the approvals of the relevant authorities, Eco World Development also plans to take up a 30% stake in EWI's IPO.
EWI initially planned to set up a special-purpose acquisition company (SPAC) to be listed on Bursa Malaysia, but the plan was scrapped once it identified assets to acquire.
EWI would utilise the RM2bil proceeds from the IPO to develop the four projects it acquired, namely the London City Island Phase 2, Embassy Gardens Phase 2, the Wardian London and the West Village in Parramatta in Sydney, Australia.
As at Oct 31, EWI has secured 554 million worth of sales, with 437 million from the three projects in London and the remaining 117 from Sydney.
On outlook, Teow expressed confidence that the UK and Australian markets would continue to do well given their vibrant economies.
"In London, the property market is characterised as having a shortfall in supply because only less than half that is demanded there is actually being supplied due to strict planning laws and shortage of good sites.
"Furthermore, London is growing in population while its employment rate continues to increase," he added. - Bernama