Quek Leng Chan to subscribe for Eco World International shares

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KUALA LUMPUR (Oct 27): Malaysian tycoon Tan Sri Quek Leng Chan will subscribe for 648 million shares or a 27% stake in Eco World International Bhd (EWI) under EWI's initial public offering (IPO).

Property developer EWI plans to list its shares on Bursa Malaysia in the first quarter of next year.

Today, EWI said Quek would subscribe for the EWI stake via Singapore-listed Guocoland Ltd.

According to EWI, the price of its IPO shares has not been fixed. The company said the price would be determined by book building.

Commenting on Guocoland's proposed share subscription, EWI executive vice chairman Tan Sri Liew Kee Sin said Guocoland would "further enhance EWI's strong credentials".

Liew was speaking to reporters here today.