Thursday 28 Mar 2024
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KUALA LUMPUR (Jan 13): Eco World Development Group Bhd rose 1.55% after a private vehicle controlled by Tan Sri Liew Kee Sin formed a joint venture (JV) with Dublin, Ireland-based Ballymore Group to develop London residential projects worth £2.2 billion (RM11.8 billion).

Liew was formerly the president and CEO of SP Setia Bhd and currently a non-executive director of Eco World. Ballymore is a property investment and development firm with over 30 years experience in property markets in the UK and Ireland.

At 10.23am today, Eco World rose six sen to RM3.94 with 122,200 shares changed hands.

Eco World Investment Co Ltd, a private vehicle controlled by Liew and Datuk Voon Tin Yow, has signed an agreement with Ballymore to acquire a 75% stake in Eco World Ballymore Holding Co Ltd.

Voon was the chief operating officer of SP Setia during Liew’s tenure as president and CEO. He took on the role of acting president and CEO of SP Setia from May 1, 2014 to Jan 1, 2015.

The remaining 25% stake in Eco World Ballymore will be held by Ballymore Group. Eco World Ballymore will acquire three Central London sites from Ballymore Group for £428.7 million to undertake the property projects.

These projects may be injected into Eco World International Bhd, a special purpose acquisition company that Liew plans to list on Bursa Malaysia.

 

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