Guocoland takes up 27% stake in Eco World International IPO

Eco World International Bhd president and CEO Datuk Teow Leong Seng said EWI expects to complete the IPO within the next two months

KUALA LUMPUR: Eco World International Bhd (EWI) has signed a share subscription agreement with Guocoland Ltd, in which the latter will take up a 27% stake in EWI's enlarged issued and paid-up capital. 

EWI also signed a retail underwriting agreement with six banks to underwrite its retail offering comprising 408 million initial public offering (IPO) shares, representing 17% of its enlarged issued and paid-up capital. 

The company also inked a master cornerstone placement agreement with the IPO's joint global coordinators -- namely CIMB and Maybank -- and the cornerstone investors which are the Employees Provident Fund and Permodalan Nasinal Bhd.

The cornerstone investors have agreed to subscribe an aggregate of 140.4 million IPO shares representing more than 30% of the IPO shares allocated as part of the institutional offering. 

At the signing ceremony, EWI president and CEO Datuk Teow Leong Seng said EWI expects to complete the IPO within the next two months.