EcoWorld calls off controversial proposed merger talks with UEM Sunrise

Chairman Tan Sri Liew Kee Sin said calling off the proposition will enable his group, EcoWorld Malaysia, to pursue other corporate proposals 'that may be more complementary to our present growth plans and strategies.' — Bernama pic

KUALA LUMPUR, Jan 13 — EcoWorld Development Berhad said today it is no longer pursuing the proposed merger with UEM Sunrise Berhad (UEMS), citing the challenging environment that may result from the enforcement of a second lockdown.

Its chairman Tan Sri Liew Kee Sin said calling off the proposition will enable his group, EcoWorld Malaysia, to pursue other corporate proposals “that may be more complementary to our present growth plans and strategies.”

“After careful evaluation alongside EcoWorld Malaysia’s own business plans and the current challenging environment with the re-implementation of movement control order, we have decided not to pursue the Proposed Merger further with UEMS,” he said in a statement issued this afternoon. 

The proposed merger came under growing public scrutiny after critics claimed the deal was another attempt to bail out a beleaguered company.

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Source: Malay Mail