* EPF, PNB subscribe to over 30 pct of institutional
* Signs share subscription agreement with GuocoLand
KUALA LUMPUR Feb 20 Malaysian property
developer Eco World International Bhd IPO-ECOD.KL on Monday
said it has secured two cornerstone investors for its planned 2
billion ringgit ($449 million) initial public offering (IPO) in
Eco World International said it has entered into master
cornerstone placement agreements with the Employees Provident
Fund (EPF) and government-linked investment fund Permodalan
Nasional Bhd (PNB).
"The cornerstone investors have agreed to subscribe to an
aggregate of 140.4 million IPO shares representing more than 30
percent of the IPO shares allocated as part of the institutional
offering," Eco World International said in a statement.
CIMB Investment Bank and Maybank Investment Bank are joint
global coordinators for the cornerstone agreement, the developer
Eco World International also said it has signed a share
subscription agreement which will see Singapore-listed GuocoLand
Ltd buy 27 percent of the developer after the IPO.
GuocoLand will act as co-anchor in the IPO and strategic
investor, giving it first refusal to partner the developer in
projects in Singapore, China and Britain.
After the IPO, Eco World International will also be 27
percent owned by parent Eco World Development Bhd.
($1 = 4.4560 ringgit)
(Reporting by Liz Lee; Editing by Christopher Cushing)