secured regulatory approval for its unit to move forward with a domestic IPO, which could raise at least 2.15 billion Malaysian ringgit,Reuters reported April 7.
The moneyraised from the public offering of Eco World International Bhd. is intended to fundprojects in the U.K. and Australia and repay borrowings, according to the report.Parent company Eco World Development is expected to hold a 30% stake in the vehiclefollowing the listing.
The to list Eco World Internationalas a special purpose acquisition company on the Malaysian bourse was aborted inJune 2015 in favor of an IPO.
MaybankInvestment, CIMB Investment and Hong Leong Investment are acting as joint principaladvisers for the IPO.
As of April 6, US$1 was equivalentto 3.92 Malaysian ringgit.