By Khairie Hisyam
Former SP Setia boss Liew Kee Sin is no longer a substantial shareholder of Eco World Development Group Berhad, said the developer today.
In a regulatory filing today, Eco World said it had received a Form 29C of the Companies Act 1965 and a notice pursuant to Section 135 of the Act — both dated June 4, 2014 — clarifying that Liew “does not have any interest in the Company pursuant to Section 6A of the Act and should not be regarded as a substantial shareholder of the Company”.
This follows the company’s previous filing on May 8, 2014 announcing that Liew is a substantial shareholder by virtue of indirect interest through his son Tian Xiong’s shareholding, which amounted to 35.05% or 88,780,601 shares.
According to Section 6A, a “person shall be deemed to have an interest in a share in any one or more of the following circumstances where he has entered into a contract to purchase a share”.
Liew Kee Sin
In addition, Eco World further said that Liew is not deemed interested in his son’s shareholding — pursuant to Section 134(12)(c) of the Companies Act — because the latter is a director of the company.
Section 134(12)(c) says that “a reference to an interest of the spouse of a director of a company (not being herself or himself a director of the company) and an interest of a child, including adopted child or stepchild, of a director of the company (not being himself a director of the company) in the shares or debentures of the company, shall be treated as the interest of the director in the shares or debentures of the company.”
The announcement comes amid other shareholding changes that saw Eco World chief financial officer acquire 0.08% in direct stake, chief executive officer Chang Khim Wah acquire 0.6% in direct shareholding as well as both Abdul Rashid Abdul Manaf and Eddy Leong Kok Wah — chairman and deputy chairman respectively — restructure their indirect shareholding into direct stakes.
At 5.00pm, Eco World was up 8 sen at RM5.06.
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