Eco World Development Group Bhd unit acquires 50% of Jendela Hikmat Sdn Bhd

Eco World Development Group Bhd unit acquires 50% of Jendela Hikmat Sdn Bhd

KUALA LUMPUR, June 9 — Eco World Development Group Bhd’s (EW Bhd) wholly-owned unit, Eco Grandeur Sdn Bhd, has signed a conditional share sale and purchase agreement with Cascara Sdn Bhd to acquire 50 per cent of the equity interest in Jendela Hikmat Sdn Bhd for RM303.5 million.

EW Bhd also signed a subscription and shareholders’ agreement (SSA) with Cascara and Jendela Hikmat to jointly invest and fund Jendela Hikmat as the joint venture vehicle to develop a mixed development to be known as “Eco Ardence”, it said in its filing to Bursa Malaysia today.

The acquisition would enable EW Bhd, through Jendela Hikmat, to gain access to 216 hectares of prime land situated next to Setia Alam within the high-growth and fast maturing central development spine of the Klang Valley which has an estimated population of 1.4 million from Shah Alam and Klang alone, it said.

— BERNAMA

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