/// West Malaysia Property News
Injection of Landbank by Liew Possible, Says Eco
World
Liew Tian Xiong
Eco World Development
Group Bhd (EWD) is
undertaking a review of
its business plans, which
includes possible injection of
viable landbank or property
development projects by its
major shareholder, it said in a
reply to Bursa Malaysia, which
had queried the unusual
market activity of its stock
recently.
“Following the close of the
mandatory takeover offer of
the company by Eco World
Development Holdings Sdn
Bhd (formerly known as Maple
Quay Sdn Bhd) and Liew Tian
Xiong, the management is
currently undertaking a review
of the business, operations
and future plans of EWD and
its subsidiaries.
“Such review includes possible
acquisition of additional viable
landbank and/or property
developments from third
parties and/or from the major
shareholders or persons
connected to them, which
may include any of those
companies/assets held under
Eco World Development,” said
EWD in the reply.
Tian Xiong is the son of Tan
Sri Liew Kee Sin, president
and chief executive officer of
S P Setia Bhd. The Liew family
is now a major shareholder
of EWD, formerly Focal Aims
Holdings Bhd.
According to EWD, any such
acquisitions will be announced
accordingly. To date, no
decision on any corporate
proposal has been made
by its board of directors. It
said that among the reasons
why its share price has been
hiking of late is due to positive
speculation by the media on
the business and affairs of the
group EWD’s share price rose
from RM2.70 on Dec 10 to
close at RM4.36.
“Pursuant to the
announcement of the offer,
there have been numerous
articles and reports published
by the media speculating on
the business and affairs of
the group. As highlighted,
the company has not
decided on any corporate
proposal at this stage and is
not aware of any corporate
development relating to the
group’s business and affairs
that have not been previously
announced,” it said.
Speculation in the market was
largely positive and included
possible share placements
or asset injections into the
company. Recent news
reports also noted that EWD
may be a stock to watch in
2014 due to its potential
growth prospects.
“It is speculated that Liew Kee
Sin will leave S P Setia much
earlier than the contractual
date in March 2015. That he
will be injecting assets into
EWD is one reason why the
stock has been going up,”
an analyst with Public Invest
Research told The Edge
Financial Daily.
KLIA2 Builders Promise to Complete in Time
operational efficiency of the
new airport would not be
compromi