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A SUBSIDIARY of GuocoLand has sold off its entire stake in Eco World International for S$61 million, in line with plans to focus on its key markets, said the property developer on Friday (May 10).
The transaction price was agreed upon on a willing-buyer, willing-seller basis. This was after taking into account that the 648 million shares sold, which make up the group’s entire shareholding interest of 27 per cent in Eco World, have a carrying value of S$50 million in GuocoLand’s : F17 0% books.
This was based on Eco World’s share price of RM0.355 on May 9. The Malaysian property developer is listed on the Bursa Malaysia.
The sale by GLL EWI, GuocoLand’s subsidiary, was through direct business transactions via Bursa Malaysia Securities.
With the divestment, Eco World has ceased to be an associated company of GLL EWI and GuocoLand.
Shares of GuocoLand rose 2 per cent, or S$0.03, to close at S$1.52 on Friday.
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