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Malaysia's Eco World International secures EPF, PNB as cornerstone investors
February 20, 2017 / 9:26 AM / 9 months ago

Malaysia's Eco World International secures EPF, PNB as cornerstone investors

* EPF, PNB subscribe to over 30 pct of institutional offering

* Signs share subscription agreement with GuocoLand

KUALA LUMPUR, Feb 20 (Reuters) - 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 March.

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 said.

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)

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