Syed Mokhtar Emerges as Major Shareholder in EcoWorld Following Shareholding Transfer

Business tycoon Syed Mokhtar Shah Syed Nor has emerged as a substantial shareholder of Eco World Development Group Bhd after acquiring an indirect 30.1% stake in the company through a shareholding transfer involving Syabas Tropikal Sdn Bhd (STSB).

According to filings with Bursa Malaysia, the transfer took effect on May 15 following the disposal of Datuk Leong Kok Wah’s entire shareholding in STSB to Syed Mokhtar.

As a result of the transaction, Leong ceased to hold any indirect interest in EcoWorld, while Syed Mokhtar assumed indirect ownership of approximately 969.9 million EcoWorld shares through STSB’s holding company structure.

STSB is the parent company of Sinarmas Harta Sdn Bhd (SHSB), which holds the EcoWorld shares across several nominee accounts. These include accounts managed by RHB Capital Nominees, Public Nominees and Maybank Nominees on behalf of SHSB.

The latest development marks a significant shareholder transition for EcoWorld, one of Malaysia’s major listed property developers. Leong had previously resigned as a non-independent director of EcoWorld on March 31, 2026, citing health reasons.

EcoWorld executive chairman Liew Kee Sin expressed appreciation for Leong’s long-standing support, noting that he had been a committed shareholder for the past 13 years.

Liew also welcomed Syed Mokhtar as the company’s new substantial shareholder, expressing confidence in future collaboration and the group’s long-term growth prospects.

EcoWorld currently possesses approximately 12,280 acres of landbank across key growth regions including the Klang Valley, Iskandar Malaysia, Penang and Negeri Sembilan. The group’s total estimated gross development value (GDV) stands at around RM100 billion, reinforcing its position as one of the country’s largest township and integrated property developers.

The entry of Syed Mokhtar into EcoWorld’s shareholder structure is expected to attract market attention given his extensive involvement across multiple sectors in Malaysia, including infrastructure, logistics, ports, agriculture and property-related investments.