Malaysia will remain on the radar of Eco World Development Group Bhd now and in the long term.
Its president and chief executive officer, Datuk Chang Khim Wah, said Eco World, however, was looking to further expand its overseas exposure.
“As you know, the Securities Commission (Malaysia) recently approved our plans to subscribe up to 30 per cent of Eco World International Bhd’s (EWI) proposed initial public offering.
“EWI is our way of targeting the United Kingdom and Australia markets strategically. What the market needs to know is that Eco World and EWI are separate entities.
“Eco World will continue to focus on Malaysia while EWI will look into further opportunities in the UK and Australia,” he said at Invest Malaysia 2016, here, yesterday.
EWI’s projects in London and West Sydney had secured cumulative sales of £712.5 million (RM4 billion) as of January 31. Upon completion of the EWI acquisition, Eco World can consolidate a proportionate share of the earnings, including those arising from the sales secured by EWI.
“Apart from contributions to future earnings, our proposed subscription for up to 30 per cent of the shares in EWI will provide us with many cross-branding and learning opportunities,” said Chang. He said the company would concentrate on the UK and Australian property markets for now.
Separately, it was confident of hitting a sales target of RM4 billion this year on the back of positive reception of its 11 ongoing projects and also the Bukit Bintang City Centre project, here. The 11 projects included Eco Botanic in Iskandar Malaysia, Johor. “Our projects have a gross development value of RM81 billion, encompassing 3,000ha spread across the Klang Valley, Johor and Penang. This will keep us busy for up to 12 years,” said Chang.
Source: New Strait Times, 13 April 2016