EcoWorld shareholders say yes to EPF financing for Eco Grandeur project

SHAH ALAM (Dec 9): EcoWorld Development Bhd’s shareholders today approved the provision of financial assistance by the Employers Provident Fund (EPF) to the group’s subsidiary, Paragon Pinnacle Sdn Bhd. 
 
Paragon is the developer of the Eco Grandeur and Eco Business Park V projects in Bandar Puncak Alam here.
 
The provision of financial assistance will see EPF advancing RM 367 million to partly finance the development cost of the residential and commercial township and business park, to be repaid in full eight years after the funds have been utilised.
 
The deal also sees EPF taking up a 40% interest in Paragon, which is currently wholly-owned by EcoWorld. 
 
The land acquisition for Eco Grandeur and Eco Business Park V totals RM1.18 billion. 
 
Speaking after the extraordinary general meeting, EcoWorld president and chief executive officer Datuk Chang Khim Wah said EcoWorld is confident of achieving its Malaysian sales target of RM4 billion for 2017.
 
"Sales for our township projects have been very strong and sustained at a very good level [in 2016]," he said. “So in 2017, we believe [that] with our township projects, we can meet the sales targets.” 

EcoWorld currently has township projects across the Klang Valley, Penang and in Iskandar Malaysia. — theedgemarkets.com