EcoWorld Malaysia said the acquisition arose from the exercise of a put option by TWSB.
PETALING JAYA: Eco World Development Group Bhd
(EcoWorld Malaysia) has acquired the remaining 40% stake in Paragon Pinnacle Sdn Bhd (PPSB) from Employees Provident Fund (EPF) subsidiary Tanjung Wibawa Sdn Bhd (TWSB), for RM184.08mil.
PPSB, which is wholly owned by EcoWorld Malaysia, is undertaking a mixed residential and commercial development known as Eco Grandeur as well as Eco Business Park V, both of which are located in Puncak Alam, Selangor.
In a filing with Bursa Malaysia, EcoWorld Malaysia said the acquisition arose from the exercise of a put option by TWSB in accordance with the terms of a subscription and shareholders’ agreement (SSA) signed between EcoWorld Malaysia and the EPF in 2016.
On Nov 15, 2016, EcoWorld Malaysia and the provident fund inked the SSA to participate in PPSB to jointly undertake the projects. — Bernama
