EcoWorld seeks shareholders’ approval for RM875 mil land buy in Penang

KUALA LUMPUR (Jan 31): Eco World Development Group Bhd has despatched a circular to its shareholders, seeking their approval for its proposed acquisition of two parcels of land in Batu Kawan, Penang for RM875.24 million.

Shareholders are scheduled to vote on the acquisition of the land measuring a total of 374.56 acres (151.58 hectares), at an extraordinary general meeting on Feb 14.

The property developer had announced the acquisition on June 29 last year. On Jan 23, Eco World said it is teaming up with the Employees Provident Fund (EPF) as its joint venture partner and co-investor in developing the land. EcoWorld will sell a 40% stake in the project to EPF.

Batu Kawan, according to EcoWorld, is slated to become Penang’s third satellite town after Bayan Lepas and Seberang Jaya.

In the circular to its shareholders, EcoWorld said the purchase price for the two parcels of land was done in a “willing-buyer willing-seller” basis.

This, it said, was after taking into consideration the prospects of the lands in view of its strategic location and close proximity to the Second Penang Bridge, which connects Bandar Cassia with Batu Maung on Penang island and potential developments in the future, worth an estimated RM7.76 billion. —



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