Malaysian billionaire Syed Mokhtar Albukhary becomes substantial shareholder of property developer EcoWorld

The former deputy chairman, Leong Kok Wah, had transferred all his shares in private vehicle Syabas Tropikal to Syed Mokhtar, New Straits Times reported, citing EcoWorld’s press statement and stock exchange filing on Monday.

Syabas Tropikal fully owns Sinarmas Harta, which holds roughly 30.1% of the developer’s issued share capital. Syed Mokhtar also gained control of a 33.28% stake in EcoWorld’s sister company, EWI Capital, through the transaction, according to The Edge Malaysia.

Together, the stakes were worth more than RM2 billion (US$503.9 million), based on last week’s closing prices. Details of the transaction were not disclosed.

Leong, who had resigned as a non-independent director of EcoWorld at the end of March due to health reasons, no longer holds any direct or indirect stake in the firm following the transfer.

Liew Kee Sin, EcoWorld’s executive chairman, thanked Leong for his support over the last 13 years and welcomed Syed Mokhtar as the company’s new substantial shareholder.

“We welcome Tan Sri Syed Mokhtar as the new substantial shareholder of EcoWorld and we look forward to working with him to take EcoWorld to greater heights in the years ahead,” he said, as quoted by EdgeProp Malaysia.

EcoWorld is a listed property developer with a landbank spanning 12,280 acres across several Malaysian states, carrying an estimated gross development value of RM100 billion.

EWI Capital, formerly known as Eco World International, focuses mainly on property developments in the U.K. and Australia.

Syed Mokhtar, who started out as a rice trader after dropping out of high school, ranked as the 10th richest in Malaysia by Forbes late last month with an estimated net worth of $3.5 billion.

His flagship property firm Tradewinds Corporation’s portfolio includes hotels, resorts and commercial real estate.

Bloomberg reported early last month that the tycoon is mulling an initial public offering for Johor-based developer WM Senibong, a joint venture with Australia’s Walker Corporation, that could raise as much as RM500 million.

Beyond property, much of his wealth comes from holdings in automotive group DRB-HICOM and MMC Corporation, which operates several Malaysian ports and cruise terminals, as well as the Senai International Airport.