KUALA LUMPUR: Eco World International Berhad (EcoWorld International), a property developer focusing on real estate development in markets outside Malaysia made its much anticipated debut on Bursa Malaysia today.
At the listing ceremony, EcoWorld International Chairman Tan Sri Azlan bin Mohd Zainol said that today’s Gong Day caps off a journey which began in February 2016 when EcoWorld International first submitted its listing application to the Securities Commission.
“We navigated a very challenging year in 2016, filled with many unexpected and unforeseen events. Undeterred, we strategised, re-planned and overcame each challenge that came our way. Today, thanks to the hard work and support of everyone involved, beginning with the Securities Commission and Bursa Malaysia, as well as our excellent team of investment bankers, consultants and advisers, Eco World International Berhad’s IPO is a resounding success. With total proceeds of RM2.58 billion raised to mainly fund the Company’s operations, it is also the largest listing in the country since June 2015,” he said.
EcoWorld International’s initial public offering (IPO) involved the issuance of 2.153 billion new shares at RM1.20 per share. In conjunction with the IPO, its shareholders will also receive a bonus issue of two (2) free warrants for every five (5) shares held in EcoWorld International.
The IPO was anchored by two (2) strategic investors - Eco World Development Group Berhad and GuocoLand Limited. Each company subscribed for a 27% stake in EcoWorld International. Together with Tan Sri Liew Kee Sin, the promoter of the IPO, the three (3) shareholders collectively own 64.3% of EcoWorld International’s issued capital.
The subscribers in the institutional offering of 449 million shares, or 18.7% of the issued capital of EcoWorld International included:
The retail offering to the Malaysian public of 48 million shares, comprising 2% of EcoWorld International, attracted 23,568 applications and was oversubscribed by 8.9 times.
EcoWorld International President & CEO Dato’ Teow Leong Seng, remarked: “We are extremely encouraged by the tremendous response shown to us by institutional investors and the Malaysian public. It reflects the compelling value proposition offered by EcoWorld International – the faith and confidence which our investors have placed in us will definitely spur us on to grow our business and scale even greater heights post-listing.”
EcoWorld International Executive Vice Chairman Tan Sri Liew Kee Sin, further observed: “Now that the IPO exercise is completed, the stage is set for EcoWorld International to forge ahead and build on the early success achieved by our four (4) projects. With the backing of two (2) strong and experienced strategic investors, we are well-positioned to seek out new opportunities in both the United Kingdom and Australia as well as other mature markets outside Malaysia. Going forward, we will also be exploring the opportunities available to us to work collaboratively with both GuocoLand Limited and Eco World Development Group Berhad to increase our development pipeline and to extend our market reach.”
CIMB Investment Bank Berhad and Maybank Investment Bank Berhad are Joint Principal Advisers, Joint Global Coordinators, Joint Bookrunners, Joint Managing Underwriters and Joint Underwriters for the IPO.
Hong Leong Investment Bank Berhad is a Joint Principal Adviser, Joint Bookrunner, Joint Managing Underwriter and Joint Underwriter.
UOB Kay Hian Securities (M) Sdn Bhd is a Joint Bookrunner.
Alliance Investment Bank Berhad, AmInvestment Bank Berhad and RHB Investment Bank Berhad are Joint Underwriters.