GuocoLand Ltd. said its indirect wholly owned subsidiary GLL EWI (HK) Ltd. has been allotted 27% of the share capital in Eco World International Bhd., pursuant to an earlier agreement.
GLL EWI subscribed for and was granted 648 million ordinary shares, along with 259.2 million free Eco World warrants, at the IPO price of 1.20 Malaysian ringgit apiece. The total consideration of roughly 777.6 million ringgit was financed through GuocoLand's internal resources.
The allotted share capital is equivalent to that issued to Eco World Capital (International) Sdn Bhd., the joint venture partner of GLL EWI. Eco World Capital is a wholly owned subsidiary of Eco World Development Group Berhad, which is also the parent group of Eco World International.
As of March 30, US$1 was equivalent to 4.42 Malaysian ringgit.