By Khairie Hisyam
Johor-based developer Focal Aims Holdings Berhad is looking to rename itself Eco World Development Group Berhad in what appears to be the next step of an on-going reverse takeover of the little-known listed developer.
In a Bursa filing today, the company said the proposed name change is subject to shareholders approval in a forthcoming extraordinary general meeting (EGM) to be announced later.
Focal Aims made headlines over the past couple of months after it became the subject of a reverse takeover exercise by Eco World Development Holdings Sdn Bhd, which is staffed by former senior executives of leading developer SP Setia.
Notably, the takeover offer named one other offering party other than Eco World — 22-year-old Liew Tian Xiong, son of SP Setia president and chief executive officer Liew Kee Sin.
In a previous announcement, Focal Aims said that it had received notice from Eco World and Tian Xiong that the latter parties had entered into a share sale agreement with various shareholders of the company for the acquisition of a 65.05% stake in the company.
The 65.05% stake represents 164.8 million ordinary shares and will be acquired for a total of RM230.7 million, translating to RM1.40 per share. A subsequent announcement confirmed that the elder Liew and wife is financially backing their son Tian Xiong’s purchase of Focal Aims shares.
The renaming exercise appears to be a prelude to an asset injection by Eco World into Focal Aims. News reports placed an estimated gross development value (GDV) of Eco World’s assets at the RM30 billion mark.
As of Nov 13, 2013, Eco World Development Holdings have a 30.01% stake in Focal Aims.
At the closing bell today, Focal Aims finished 11 sen higher at RM2.20, having traded below the RM1.00 mark for multiple years.
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