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Malaysia's Eco world launches US$178.8m share sale: term sheet

[KUALA LUMPUR] Malaysian property developer Eco World Development Group Bhd launched a US$178.8 million primary placement share sale, according to a term sheet seen by Reuters.

The company is offering 394 million shares at an offer price of 1.62 ringgit per share, which is at a discount of 8.5 per cent to Thursday's closing price.

Proceeds from the sale would be used for business development and as working capital, the term sheet stated.

CIMB Investment Bank is advising on the deal.