Friday 29 Mar 2024
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KUALA LUMPUR (Jan 21): Eco World Development Group Bhd surged as much as 12.12% after its non-independent non-executive director Tan Sri Liew Kee Sin said he plans to step down as chairman of Battersea Project Holding Company Ltd (BPHC).

At 3.51 pm, Eco World (fundamental: 0.95; valuation: 0.3) was up 19 sen or 9.6% to RM2.17, with 4.37 million shares traded. The counter was one of the top gainers today.

Liew was quoted by a local news report as saying he had tendered his resignation in BPHC, and was “waiting for a response” from the latter’s board.

BPHC is a joint venture company owned by S P Setia Bhd (40%), Sime Darby Bhd (40%) and the Employees Provident Fund (20%). It owns the Battersea Power Station redevelopment project in London.

Liew has been in the driver's seat of the iconic GBP8 billion Battersea redevelopment, since its launch in 2013.

He was supposed to stay on as chairman until September.

It was announced earlier that Liew would spearhead the listing of Eco World International Bhd (EWI) as a special purpose acquisition vehicle (SPAC) for the purpose of investing in real estate in the United Kingdom and Australia.
 
Eco World, which is listed on Bursa Malaysia, has announced that it plans to subscribe for a 30% equity stake in EWI.

Meanwhile, Eco World's share price went-ex for the 1-into-2 share split today, which reduces the par value of the stock to 50 sen and increases the paid-up share capital to 506.6 million shares.

(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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