[KUALA LUMPUR] Malaysian property developer Eco World Development Group said on Thursday regulatory approval has been obtained for a proposed domestic initial public offering of its unit that is expected to raise at least RM2.15 billion (S$740.25 million).
The proposed IPO of Eco World International Bhd (EWI) will fund projects in the United Kingdom and Australia and repay borrowings, according to an Eco World Development Group statement.
Eco World Development Group expects to hold up to 30 per cent of EWI's share capital after the IPO, it said.
The property developer had earlier planned to list EWI as a special purpose acquisition company (SPAC) before axing that plan in June when it decided to list it on the local bourse as an ordinary firm.
Maybank Investment, CIMB Investment and Hong Leong Investment are joint principal advisers for the IPO, the company said.