10 May 2014

Eco World Development offered property Down Under for RM84.73m

  10 May 2014


By THE STAR

KUALA LUMPUR: Eco World Development Group Bhd (EW Bhd) has been offered some properties located on a 1.18 acres in New South Wales, Australia for A$28mil (RM84.73mil).

It said on Friday the properties were along Church Street on the southern fringe of the Parramatta CBD retail precinct.

EW Bhd added there were plans to develop these properties into a mixed residential and commercial development.

Earlier on Friday, Eco World Development Sdn Bhd (EW Sdn Bhd) had signed a contract with the vendor of the property, Menara Parramatta Pty, to purchase the property at A$28mil.

Subsequently, EW Sdn Bhd, had in turn, offered to sell the properties to EW Bhd at the same price and on the same terms.

To recap, as part of EW Bhd and its subsidiaries’ expansion plans, the board had on April 25, announced a series of proposed acquisitions from EW Sdn Bhd and its subsidiaries.

The corporate exercise included a proposed subscription by EW Sdn Bhd shareholders in the shares to be issued by the company.

Upon completion of the corporate exercise, all of EW Sdn Bhd’s existing development assets would be integrated under EW Bhd and the shareholders of EW Sdn Bhd would become shareholders of EW Bhd.

“The group is also interested in exploring possibilities of expanding its business overseas and Sydney has been identified by management as a desirable location for such expansion,” EW Bhd said.

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