Eco World keeps mum on whether Datuk Voon is joining ranks

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KUALA LUMPUR (September 19): Eco World Development Group Bhd has kept mum on whether Datuk Voon Tin Yow will join the group, after his resignation from S P Setia Bhd as acting President and Chief Executive Officer (CEO).

Former President and CEO of S P Setia Tan Sri Liew Kee Sin, who is currently on the board of Eco World, said that he would be discussing with Datuk Voon on his future plans after his exit from SP Setia.

“Datuk Voon is a very experienced man. An engineer by training, he has experience of over 20 years in property development. I’m sure many property developers want him. So I need to talk to him on what he’s going to do next,” Liew told reporters at the sidelines, after Eco World’s extraordinary general meeting (EGM) today.

On Wednesday, S P Setia announced that Voon has resigned from the property giant, after spending two decades with the developer. Voon will leave on Jan 1, 2015.

Voon’s resignation is the latest change among the top management of SP Setia, which had seen the then-Chief Financial Officer Datuk Teow Leong Seng, who was supposed to be made Voon’s deputy, resign in January, together with Liew.

During the EGM, the group’s shareholders have approved the proposed acquisition of a 308.72-acre land in Kuala Langat for Eco World’s RM8 billion gross development value (GDV) Eco Sanctuary development.

The tract will be acquired from Tropicana Corp Bhd for approximately RM470.7 million.

“Today’s EGM has been successfully transacted. Shareholders have voted for us to acquire the 308-acre land. It will be a very exciting development, Eco Sanctuary,” said Datuk Chang Khim Wah, CEO of Eco World.

The mixed development will have a residential and commercial element, which will comprise medium-high and high-end precincts.

At the 12.30pm lunch break, Eco World was flat at RM4.75, translating to a market capitalisation of about RM1.2 billion.