Clifford Chance

Clifford Chance advises on US$580 million Eco World IPO, the largest offering in Malaysia since 2015

Leading international law firm Clifford Chance advised the issuer, Eco World International Berhad (EWI), on the international aspects of its US$580million (RM2.58 billion) initial public offering (IPO) on the Main Market of Bursa Malaysia Securities Bhd. This is the largest IPO in Malaysia since the listing of Malakoff Corporation Berhad in 2015, on which Clifford Chance also advised on.

The deal secured two of Malaysia's biggest institutional funds, the Employees Provident Fund and Permodalan Nasional Bhd, as cornerstone investors, and the IPO was oversubscribed by more than eight times for the public portion.

EWI is an international property developer focusing on property markets outside of Malaysia. It currently has four ongoing projects (three in London and one project in Australia), which it operates together with its subsidiaries and joint venture companies.

The team was led by Capital Markets partner Raymond Tong, with support from partner Johannes Juette, senior associate Jonathan Crandall and associate Stephanie Liman.

Raymond said, “We are delighted to be working on this successful IPO, which saw high demand from both institutional and retail investors. This deal is testament to our track record of providing strong international advice on Malaysian offerings. I am proud of the excellent work by the team, and we look forward to more exciting and rewarding work in the year ahead.”

Clifford Chance is also advising South Korean conglomerate Lotte Group on its plans to list its Malaysian petrochemical unit, Lotte Chemical Titan Holding, in the third quarter of this year. The firm recently won Islamic Finance Deal of the Year at the 2017 Asian Legal Business’ Malaysia Law Awards.