GuocoLand unit sells stake in Eco World International for $61m

The subsidiary held a 27% stake in Eco World International.

GLL EWI (HK) Limited, a wholly owned subsidiary of GuocoLand Limited, has disposed of its 27% stake or 648,000 ordinary shares in Eco World International to Bursa Malaysia Securities Berhad for $61m.

“The total cash consideration for the transaction was agreed upon on a willing-buyer willing-seller basis, taking into account the current carrying value of the sale shares in the GuocoLand Group’s books amounting to approximately $50m,” GuocoLand said in a stock exchange filing.

“The last traded price of EWI’s ordinary shares on Bursa Malaysia Securities Berhad was RM0.355 per share on 9 May 2024,” GuocoLand added.

Post transaction, EWI ceased to be an associated company of GLL EWI and GuocoLand.

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