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Report: Eco World could land GuocoLand as anchor investor ahead of IPO

'sEco World International could rope in GuocoLandLtd. as an anchor investorfor its planned IPO, according to a report from The (Malaysia) Star.

Accordingto sources, Guocoland and other large institutional investors are looking tosnap up "big blocks" of Eco World International shares ahead of itsproposed 2 billion Malaysian ringgit IPO, the news outlet said.

EcoWorld International is the overseas real estate unit of Malaysia-based EcoWorld Development Group, and has projects in the U.K. and Australia. It intendsto use the proceeds from the IPO to fund the projects and to repay existingdebt. The parent group will hold a 30% stake in the vehicle following itslisting on theMalaysian bourse, as reportedearlier.

As of April 29, US$1 wasequivalent to 3.91 Malaysian ringgit.