GuocoLand sells entire stake in EcoWorld International for $61 million
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 10 2024
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Source: Yahoo Finance
- GuocoLand Sells Stake in Eco World International: GuocoLand has sold its entire 27% stake in KL-listed Eco World International for $61 million, previously carried on its books at $50 million.
- New Substantial Shareholder for EWI: Flexsis, a subsidiary of Paramount Corporation, becomes a new substantial shareholder in Eco World International with a stake of 21.54%.
- Warm Welcome to Paramount: EWI chairman welcomes Paramount as a new investor and appreciates Guoco Group's past contributions, wishing them success in future endeavors.
- Business Continues as Usual: EWI states that business operations will continue normally, aiming to monetize inventories and distribute excess cash to shareholders.
- Market Performance: GuocoLand shares closed at $1.52 on May 10, up 2.01% for the day and 3.4% year-to-date.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
