SP Setia ex president and CEO joins Eco World

PETALING JAYA: Eco World Development Group Bhd (Eco World Bhd) has appointed SP Setia Bhd former president and CEO Tan Sri Liew Kee Sin as its non-independent and non-executive director, the group said in a filing with Bursa Malaysia yesterday.
Liew, 55, joined SP Setia as group managing director in May 1996. He left SP Setia on April 30, 2014 but remains as chairman of Battersea Project Holding Co Ltd and managing director of Qinzhou Development (M) Consortium Sdn Bhd.
After attending his last AGM as SP Setia CEO in March 2014, Liew told reporters that he was still undecided about joining Eco World Bhd, adding that he had not received any offer letter from the group.
Liew's resignation was announced in January, ahead of his contract's expiry in March 2015, amidst speculation that he would join his son at Eco World Bhd, a company touted to be Liew's new property vehicle.
His son, Liew Tian Xiong is a director and substantial shareholder of Eco World Bhd with a direct stake of 35.05%.
In September last year, Tian Xiong and Eco World Development Holdings Bhd led by SP Setia's former chairman Tan Sri Abdul Rashid Abdul Manaf and the elder Liew's long-time associate Datuk Eddy Leong Kok Wah, teamed up to acquire a 65.05% stake in Focal Aims Holdings Bhd for RM230.68 million cash.
The Johor-based property development company was subsequently renamed Eco World Bhd.
Last week, Eco World Bhd announced that it would embark on a corporate exercise which would boost its landbank from 1,326 acres to 4,433 acres and expand its gross development value by more than three times to RM43.5 billion, bringing its total projects from three to 11.
The corporate exercise includes the acquisition of development rights to eight projects from subsidiaries of Eco World Development Sdn Bhd as well as acquisition of Eco World Project Management Sdn Bhd and Eco Macalister Development Sdn Bhd.
To fund the exercise, it has proposed subscription of shares into Eco World Bhd by the shareholders of Eco World Development Sdn Bhd. It also plans to undertake a proposed rights issue with warrants and a 20% proposed private placement.
The net consideration for the entire exercise, which will be completed in six months, is about RM1.7 billion. Upon completion of the exercise, it will have an enlarged presence in the Klang Valley, Iskandar Malaysia and Penang.