By Stephanie Jacob
Eco World Development Bhd (Eco World) has announced that Liew Kee Sin has an 35% indirect stake in the company, which translates into 88,780,601 shares. The shareholdings make him a substantial shareholder at the company.
Liew Kee Sin
The announcement to Bursa was made last night, comes after Liew Kee Sin was announced as a non-independent non-executive director of the company on May 5. Liew is deemed to have an indirect interest by virtue of his son’s Liew Tian Xiong’s shareholdings of 88,780,601 ordinary shares in the company, added the announcement.
The announcement on Monday that Liew had joined the Eco World board ended months of speculation that linked the former long time SP Setia chief to the company.
Suggestions that Liew would be heading over began last September after it emerged that his son, Liew Tian Xiong had acquired a stake in the company. According to a regulatory filing at that time, the acquisition was funded by Liew and his wife. Speculation then kicked into overdrive this January, when Liew announced he would leave SP Setia, which he had helmed since mid 1996.
Tian Xiong stake is expected to shrink to 11.27% after corporate exercises announced by Eco World on April 25, 2014 are completed.
As at 11.20 am on Bursa, Eco World is trading up by 5 sen at RM4.62
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