PETALING JAYA: Eco World Development Group Bhd has asked for more time to consider UEM Group Bhd’s proposed merger proposal.
In a filing with Bursa Malaysia yesterday, Eco World said: “The board has requested until Jan 2,2021 to respond with a decision to UEM Group Bhd to coincide with the date requested by UEM Sunrise Bhd. The company will make further announcements on any material development in due course, ”it added.
On Oct 5, UEM Group, the unlisted wholly-owned subsidiary of Khazanah Nasional Bhd, had proposed that its subsidiary, UEM Sunrise and Eco World consider a merger via a share and warrant swap.
Post-merger, Eco World will become a wholly-owned subsidiary of UEM Sunrise and be delisted.
Earlier this month, UEM Group said there was a pressing need for industry players to consolidate resources and capabilities to strengthen performance and sustainability, given the subdued macro-economic conditions and market headwinds.
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