KUALA LUMPUR (Oct 5): Shares of Eco World Development Group Bhd (EcoWorld) rose as much as 3% in the morning trades today following news that the Selangor government was in favour of a dialogue to solve the RM1.18 billion land deal with the property developer.

At 10.53am, EcoWorld shares were up 3 sen or 2.22% at RM1.38 with 1.59 million shares traded bringing its market capitalisation to RM3.19 billion.

The Edge Financial Daily today reported today that the Menteri Besar Incorporated Selangor (MBI) was in favour of finding amicable solutions to the RM1.18 billion land deal in Ijok, Kuala Selangor, which has hit a snag.

The investment holding arm of the Selangor government is confident that the issues will be ironed out if all parties to the dispute, comprising EcoWorld, MBI and the vendors, were to sit down and talk.

"(If) all parties involved can come together to resolve the matter, then maybe the issues can be resolved outside of court," MBI chief executive officer Raja Shahreen Raja Othman told the publication.

But until that happens, there could be concerns about several parcels of land that have been earmarked for a RM15 billion township project that can have legal implications, he added.

It is understood that a meeting has been scheduled between EcoWorld and the Selangor state government.

EcoWorld announced that it intends to develop the 2,918 acres (889.66ha) of land in Ijok into a self-contained township. However, MBI on Sept 23 issued a statement contending that the parcels of land EcoWorld plans to buy are actually land located in the intended township of Alam Mutiara, which is currently involved in ongoing legal court proceedings with the Selangor state government.

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