GuocoLand sells entire stake in EcoWorld International for $61 million
GuocoLand has announced that it has sold off its 27% stake in KL-listed Eco World International (EWI) for $61 million. This stake was previously recorded on GuocoLand’s books at $50 million. EWI’s closing price on May 10 was at 36 sen.
In a separate announcement, EWI revealed that Flexsis, a subsidiary of KL-listed property firm Paramount Corporation, has become a new substantial shareholder with a 21.54% stake in the company. EWI chairman Cheah Tek Kuang expressed his excitement over the new investor, saying “On behalf of the board of directors, I extend my warm welcome to Paramount as a new investor of the company.”
He also expressed his gratitude to Guoco Group for their investment and contributions since the listing of EcoWorld International, and wished them success in their future endeavors. Cheah added that business operations will continue as usual, with their main focus on monetizing their inventories and distributing excess cash to shareholders as previously announced.
As for GuocoLand, its shares closed at $1.52 on May 10, showing an increase of 2.01% for the day and 3.4% for the year so far.
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In other related news, GuocoLand’s Lentor Mansion has achieved 75% sales at launch, with selling prices averaging at $2,714 psf. This project has gained popularity and is expected to sell out in the near future.
Additionally, GuocoLand’s Lentor Modern mall has already pre-leased 35% of its space, with CS Fresh supermarket and ChildFirst Pre-school as its anchor tenants. This modern mall is expected to attract more tenants and drive footfall, making it a highly desirable location for businesses.