KUALA LUMPUR (April 10): Fresh off its listing success, Eco World International Bhd (EWI) plans to buy an 80% stake in Salcon Development (Australia) Pty Ltd (Salcon Australia), which owns a 2,128 sq m parcel of prime land located in Melbourne, Australia. "Salcon Australia is currently in the initial stages of development planning and is unable to ascertain the expected development cost required for the proposed development at this juncture," said Salcon. EWI said the proposed development is located in South Yarra, one of the most popular upmarket residential suburbs of Victoria, and is strategically positioned within close proximity to Chapel Street and Toorak Road. As at Jan 31, 2017, the EWI group has recorded sales of RM6.49 billion, which is approximately half of its total GDV. EWI shares closed down one sen or 0.81% at RM1.23 today, with 9.6 million shares done, bringing a market capitalisation of RM2.95 billion.

Source: The Edge Markets April 10, 2017 13:41 UTC