KUALA LUMPUR (Apr 22): Eco World Development Bhd (EcoWorld) is looking at a second half listing for its special purpose acquisition company (SPAC), Eco World International (EWI).

EcoWorld's chief financial officer Datuk Heah Kok Boon said that the Securities Commission Malaysia (SC) is still looking at the SPAC's listing submission, which was submitted at the end of last year.

"It's a new property SPAC so I guess that is why it's taking a long time to get SC's approvals," he said noting that previous SPACs listed on the local bourse were all oil and gas companies.

Heah kept mum on details on the specific timeline and specifications currently being looked at on the application while citing that it's an ongoing application.

To recap, Tan Sri Liew Kee Sin and his associates had applied for the first property SPAC to be listed on Bursa Malaysia to raise some RM1.87 billion.

EcoWorld has expressed its interest in subscribing to 30% of EWI’s enlarged issued and paid up capital for RM562.5 million.

The stake comprises 1.125 billion EWI shares at an indicative issue price of 50 sen apiece that comes with 1.125 billion free detachable warrants.