KUALA LUMPUR – Eco World Development Group Bhd (EcoWorld) has announced that its wholly-owned subsidiary Hasrat Budi Sdn Bhd (HBSB) has withdrawn its interest and shareholding in MySJ Sdn Bhd.
In a bourse filing yesterday, an update to its earlier filing on October 28, the property developer giant stated the cheque for the option price between Entomo Malaysia Sdn Bhd – the operator of the MySejahtera app – and its founder and group chief executive officer and MySJ director Raveenderen Ramamoothie has been cleared.
“Accordingly, the shares in MYSJ held by HBSB, the company’s wholly-owned subsidiary, will be retransferred, whereupon HBSB will no longer hold any shares in MYSJ.
“HBSB’s representatives will also resign as directors of MYSJ,” the company noted.
The announcement comes following a consent judgment entered on July 28 for Entomo and Raveenderen to purchase all of HBSB’s shares in MySJ.
In the October 28 filing, Ecoworld stated that the option price represents HBSB’s original purchase cost of RM24 million plus premium at the rate of 10% per annum, calculated from August 27, 2021 until November 2, 2022.
Currently, EcoWorld’s chairman Tan Sri Liew Kee Sin is the sole director appointed by HBSB onto MySJ’s board while EcoWorld executive director Datuk Heah Kok Boon is Liew’s alternate director on MySJ’s board.
Last February, The Edge reported that HBSB filed a suit against Entomo, MySJ shareholder Revolusi Asia Sdn Bhd, Raveenderen, MySJ directors Anuar Rozhan and Tan Sri Shahril Shamsuddin, and MySJ to insist on its strict contractual rights under the shareholders’ agreement, following a conflict over directorship of MySJ. – The Vibes, November 9, 2022
