Cover image via Follow us on Instagram, TikTok, and WhatsApp for the latest stories and breaking news.
Tan Sri Syed Mokhtar Albukhary has become a new substantial shareholder of Eco World Development Group Bhd following a transfer of shares
According to the New Straits Times, Datuk Leong Kok Wah's shares in Syabas Tropikal Sdn Bhd was transferred to Syed Mokhtar.
Syabas Tropikal fully owns Sinarmas Harta, which holds 969.9 million shares in Eco World Development Group, representing about 30.1% of its issued share capital.
In a statement, EcoWorld executive chairman Tan Sri Liew Kee Sin thanked Leong for his 13 years of support and welcomed Syed Mokhtar as the company's new substantial shareholder.
"We look forward to working with him to take EcoWorld to greater heights in the years ahead," Liew said.
Tan Sri Syed Mokhtar Albukhary.
Image via Asyraf Hamzah/New Straits TimesSyed Mokhtar is among Malaysia's wealthiest individuals, ranked 10th on the Forbes rich list with an estimated net worth of USD3.5 billion (RM13.9 billion)
He began his career in the rice trade before building much of his fortune through stakes in MMC Corporation Bhd and DRB-HICOM Bhd.
MMC Corporation businesses span ports, logistics, construction, and engineering, while DRB-HICOM Berhad is primarily an automotive group with exposure to property and education, reported Forbes.
In 2017, DRB-HICOM sold a 49.9% stake in national carmaker Proton Holdings Bhd to China's Geely Automobile Holdings.
Meanwhile, MMC Corporation, taken private by its controlling shareholder in 2021, owns and operates Senai International Airport, which serves as an aviation hub in Johor.
The leading utilities and infrastructure group manages and develops nearly 5,000 acres of industrial land.
