Tan Sri Syed Mokhtar Albukhary has emerged as a major shareholder in EcoWorld Development Group Berhad and EWI Capital Berhad after acquiring substantial stakes previously held by Datuk Leong Kok Wah.
The acquisition gives Syed Mokhtar control of a 30.1% stake in EcoWorld and a 33.28% stake in EWI Capital, further expanding his property portfolio. The deal value was undisclosed, but based on market prices as of May 15, the combined stakes are estimated to be worth over RM2 billion.
According to filings, Leong transferred all his shares in Syabas Tropikal Sdn Bhd to Syed Mokhtar on May 15. Through the transaction, Syed Mokhtar gained indirect holdings in both EcoWorld and EWI Capital.
Liew Kee Sin, executive chairman of EcoWorld, welcomed Syed Mokhtar as the group’s new substantial shareholder and expressed optimism about the company’s future growth.
The move comes amid reports that Syed Mokhtar is considering an IPO for WM Senibong Bhd, a joint venture linked to Australian developer Walker Corp, which could reportedly raise up to RM500 million.
EcoWorld owns over 12,000 acres of landbank across the Klang Valley, Johor, Penang and Negeri Sembilan, with an estimated gross development value of RM100 billion. EWI Capital, formerly known as Eco World International, focuses mainly on property developments in the UK and Australia.
Shares of EcoWorld Development Group Berhad closed at RM2.09 on Monday, while EWI Capital Berhad ended unchanged at 19 sen.
