UEM Sunrise may buy Eco World in share swap

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KUALA LUMPUR (Sept 20): Malaysian property developer UEM Sunrise Bhd may acquire rival Eco World Development Group Bhd in a share swap deal, New Straits Times reports, citing unidentified sources.

* Deal could reduce sovereign wealth fund Khazanah Nasional Bhd’s 66% indirect interest in UEM Sunrise while Eco World’s substantial shareholder Liew Kee Sin will end up with a 15%-20% stake

* Deal is among several proposals by bankers and combined entity will have total land bank of 7,284 hectares