Guocoland, Eco World pool expertise in IPO candidate (Amended)

Kuala Lumpur

GUOCOLAND and Eco World Development Group Bhd are pooling their strengths and expertise in soon-to-be-listed developer Eco World International Bhd (EWI).

The companies - which said on Thursday the tie-up will help them better compete and expand amid stiff competition in international markets - plan to subscribe for 640,000 of EWI's initial public offering (IPO) shares, giving them an equal 27 per cent share in the enlarged paid-up capital of 2.4 billion shares post-listing. Scheduled for early next year, the IPO is targeting to raise more than RM2 billion (S$663.6 million) to fund three projects in London and one in Sydney.