Eco World International IPO Anticipated To Be Largest In Malaysia Since June 2015

KUALA LUMPUR, March 23 (Bernama) -- Eco World International Bhd's (EWI) initial public offering (IPO), worth US$582.40 million (RM2.58 billion), will be the largest in Malaysia since June 2015, with a fixed price of US$0.27 (RM1.20) per share. EWI said the IPO price was fixed following the close of the institutional offering of 449.45 million IPO shares to Malaysian and foreign institutional and selected investors. In a statement Wednesday, the company said it just completed the balloting of applications for the 48 million IPO shares offered under the retail offering to the Malaysian public. It added that notices of allotment would be mailed to successful applicants on or before March 31, 2017. "We are overwhelmed by the strong support and interest we have received for the IPO from both institutional and retail investors," said EWI President/Chief Executive Offer Teow Leong Seng. EWI is a public company which is undertaking a listing on the Main Market of Bursa Malaysia Securities Bhd. The company aimed to raise around US$587.17 million (RM2.6 billion) from its IPO, part of which would be used to fund the development of four projects. The projects include the development of three waterside residential projects in the east and west of London: Embassy Gardens in Nine Elms, London City Island in Leamouth Peninsula, East London, and Wardian London in Canary Wharf through its joint-venture company, EcoWorld-Ballymore. EWI is also developing a project in Australia called West Village in Parramatta -- a suburb and major business district in the metropolitan area of Sydney, Australia. --BERNAMA