Thursday 28 Mar 2024
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KUALA LUMPUR (April 1): Ekovest Capital Sdn Bhd (Ekovest Cap), a wholly-owned subsidiary of Ekovest Bhd (Ekovest), has sold hotel and office suites in its EkoCheras development worth RM17.32 million to Ekovest Bhd directors and their linked companies.

In a filing to the local bourse today, Ekovest (fundamental: 1.5; valuation: 2.4) said the purchasers are executive director Lim Hoe, her son and fellow director Wong Kai Shang, director Dr Wong Kai Fatt, shareholder Lim Seong Hai Holdings Sdn Bhd and Sabriland Sdn Bhd.

Ekovest director Datuk Lim Keng Cheng is a major shareholder of Lim Seong Hai Holdings Sdn Bhd, while Ekovest director Lim Hoe is also a director and major shareholder of Sabriland Sdn Bhd.

Lim Hoe is also a sibling to Tan Sri Lim Kang Hoo, who is a major shareholder of Ekovest.

“As a property developer, the sale of hotel suites and office suites in the EkoCheras development is in the ordinary course of business of EkoCap.

“Further[more], it is also carried out at arm’s length and based on commercial terms not more favourable than those available to the general public and non-related party purchaser,” the filing stated.

Ekovest shares closed unchanged at RM1.08, with a market capitalisation of RM923.88 million.  

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)

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