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EcoWorld International’s IPO Closer to the Finish Line With Prospectus Launch

Mar 2017Malaysia

KUALA LUMPUR: Eco World International Berhad (EcoWorld International) celebrated another milestone today with the launch of the Prospectus for its Initial Public Offering (IPO).

The Prospectus launch kicks off the Retail Offering, which commences today and closes on 20 March 2017.

Pursuant to the IPO, EcoWorld International expects to issue up to approximately 2.153 billion new shares (IPO Shares). The Retail Offering, which comprises 408,000,000 IPO Shares, is fully underwritten by CIMB Investment Bank Berhad (CIMB), Maybank Investment Bank Berhad (Maybank) and Hong Leong Investment Bank Berhad, as joint managing underwriters and joint underwriters, and Alliance Investment Bank Berhad, AmInvestment Bank Berhad and RHB Investment Bank Berhad, as joint underwriters. The Retail Offering represents 17.0% of the enlarged issued and paid-up share capital of EcoWorld International post-listing.

The Retail Offering consists of:

No of shares (‘000) % of EcoWorld International’s
Retail Offering

  • Entitle Shareholders of Eco World Development Group Berhad (EcoWorld Malaysia)
  • Directors and eligible employees of Eco World International group and EcoWorld Malaysia group






408,000 17%

Through a restricted offer, which has been approved by the Securities Commission Malaysia, EcoWorld Malaysia’s shareholders and directors and eligible employees of its group will be entitled to subscribe for IPO Shares. This is to recognise their unwavering support and outstanding efforts in building up the ‘EcoWorld’ brand over the last three years, which partly contributed to the sales achieved by EcoWorld International of approximately RM 6.49 billion as at 31 January 2017.

EcoWorld International has recently signed three key agreements as part of its IPO process:

  1. a share subscription agreement with GuocoLand Limited for a strategic 27% stake in EcoWorld International’s enlarged issued and paid-up share capital,
  2. a retail underwriting agreement with the six banks mentioned above to fully underwrite the Retail Offering, and
  3. cornerstone placement agreements with the Employees Provident Fund Board, Permodalan Nasional Berhad and Kumpulan Wang Persaraan (Diperbadankan) (KWAP) which have agreed to subscribe for 212,400,000 Shares in the aggregate.

President and CEO of EcoWorld International, Dato’ Teow Leong Seng said, “We are pleased with the interest shown by the Cornerstone Investors and we look forward to the opening of the Retail Offering and the Institutional Offering today.”

The Blue Application Form will be despatched together with the Prospectus to Entitled Shareholders of EcoWorld Malaysia based on the record of depositors on 6 March 2017.