This article first appeared in The Edge Malaysia Weekly on May 25, 2026 - May 31, 2026

TYCOON Tan Sri Syed Mokhtar Albukhary’s sudden emergence as a 30.1% shareholder in Eco World Development Group Bhd (KL:ECOWLD) has piqued interest in what this means going forward.

On May 18, EcoWorld informed Bursa Malaysia that Datuk Eddie Leong Kok Wah had transferred his 30.1% stake in the company to Syed Mokhtar.

The shares in EcoWorld were held through Syabas Tropikal Sdn Bhd and its subsidiary Sinarmas Harta Sdn Bhd. The transfer was done at the Syabas Tropikal’s level.

It is interesting that the transaction was deemed as a transfer, not a disposal by Leong and acquisition by Syed Mokhtar. Nonetheless, the 30.1% stake is worth around RM2 billion.

EcoWorld executive chairman and founder Tan Sri Liew Kee Sin in a statement thanked Leong for his support as a shareholder over the past 13 years.

“We welcome Tan Sri Syed Mokhtar as the new substantial shareholder of EcoWorld, and we look forward to working with him to take EcoWorld to greater heights in the years ahead,” he added.

Liew and his family own more than 30% of EcoWorld.

The stake in EcoWorld also gives Syed Mokhtar a stake in EWI Capital Bhd (KL:EWICAP).

Syed Mokhtar’s property flagship, Tradewinds Corp Bhd, owns hotels, resorts and commercial property investments.

He is reportedly considering an initial public offering (IPO) of its joint venture with Australian developer Walker Corp. The IPO of WM Senibong Bhd could raise as much as RM500 million, according to a Bloomberg report in April.

The low-profile tycoon’s emergence in EcoWorld has sparked immediate speculation if it will lead to corporate deals down the road.

To recap, in early October 2020, a proposal was mooted to merge UEM Sunrise Bhd (KL:UEMS) with Eco World, by UEM Group Bhd which is the 69.56% shareholder of UEM Sunrise. However, the deal fell through by January 2021.

In October last year a former senior executive of Syed Mokhtar — Shaharul Farez Hassan — was appointed as UEM Sunrise managing director and CEO.

Shaharul Farez was previously a key figure in Syed Mokhtar’s business empire, having joined in 2003 and held several prominent roles. These included serving as chief operating officer of DRB-HICOM Bhd (KL:DRBHCOM) from 2016 to 2022; board member of Proton Holdings Bhd, in which DRB holds a 51% stake; group CEO of Tradewinds Corp from 2008 to 2015; and earlier, positions at Malakoff Corp Bhd (KL:MALAKOF), the power generation and waste management company under Syed Mokhtar’s flagship MMC Corp Bhd.

So, could another such proposal for a merger between the two be in the pipeline?

One market watcher says, “It’s the typical Syed Mokhtar MO (modus operandi) — get one of his key people into the company, then see what can be done.”

A source close to Khazanah Nasional Bhd, UEM Sunrise’s ultimate parent, says that in 2020 there were some strong personalities within Khazanah pushing for the merger, but he doesn’t see such a move from the current Khazanah board of directors.

He adds that Shahrul Farez was one of three shortlisted candidates for the top job at UEM Sunrise and he had left Syed Mokhtar’s group for at least two to three years before joining UEM Sunrise.

The source downplays the possibility of a fresh attempt to merge the two companies.

In 2020 when the merger was mooted, UEM Group the parent of UEM Sunrise said, “The proposed merger is envisioned to bring together the strengths and capabilities of UEM Sunrise and Eco World … UEM Sunrise is renowned for its award-winning and up-market high-rise residential and commercial developments. UEM Sunrise has remaining land bank of over 12,000 acres, a significant portion of which is in Iskandar Puteri, of which it is also the master developer.

“EcoWorld is one of Malaysia’s fastest growing developers and particularly well known for its ability to create outstanding townships and business parks … Given subdued macro-economic conditions and market headwinds, we believe that there is a pressing need for industry players to consolidate resources and capabilities to strengthen performance and sustainability.”

For its first financial quarter ended Jan 31, 2026, EcoWorld chalked up a net profit of RM156.41 million on the back of RM1.35 billion in revenue. For the corresponding period a year ago, the company raked in a net profit of RM80.34 million from RM539.63 million in revenue.

As at Jan 31 this year, EcoWorld had short-term funds amounting to RM1.63 billion, cash and bank balances of RM850.11 million and deposits of RM422.09 million. On the other side of the balance sheet, it had long-term borrowings of RM3.47 billion and short-term loans and borrowings of RM513.92 million. Its retained earnings stood at RM1.58 billion, while its cash flow from operating activities for the three months in review was RM915.46 million.

EcoWorld ended trading last Thursday at RM2.04, translating into a market capitalisation of RM6.61 billion.

UEM Sunrise for its first financial quarter ended March 31 this year registered a net profit of RM16.2 million on RM347.71 million in revenue. For the same period a year ago, UEM Sunrise registered RM20.49 million in net profit on RM417.63 million in revenue.

At its close of 57 sen last Thursday, UEM Sunrise had a market capitalisation of only RM2.83 billion.

It is noteworthy that when the merger was mooted, UEM Sunrise had a market capitalisation of RM1.68 billion and Eco World’s market value was pegged at RM1.21 billion, as at Sept 25, 2020.

As at end-March UEM Sunrise had RM955.06 million in cash bank balances and deposits and RM383.18 million in short-term investments. The developer’s long-term borrowings were at RM2.92 billion while its short-term debt commitments were at RM1 billion. Its retained profits were RM1.76 billion.

UEM Sunrise nevertheless had negative cash flow of RM13.26 million as at end-March this year.

It is worth noting that Syed Mokhtar has a number of companies with interests in property development. Overall, his empire includes ports, power generation, automotive assembly and distribution, plantations, paddy farming and distribution, construction and rail to name a few.

Through Anjakan Masyhur Sdn Bhd, he has 12.65% equity interest in the ailing Encorp Bhd (KL:ENCORP). Via Etika Strategi Sdn Bhd, he controls 55.92% of DRB-HICOM, whose property development segment generates RM300 million in revenue a year. He also owns United Malayan Land Bhd, which was privatised and delisted in October 2012, as well as Tradewinds Corp, privatised and delisted in September 2013, which has at least eight hotels under its portfolio.

DRB-HICOM also has 53.49% Pos Malaysia Bhd (KL:POS) a company which has choice land bank all over the country as a result of its business, but is challenged to return to profitability, having last been in the black in FY2018.

Other than Encorp and Pos Malaysia, another of Syed Mokhtar’s misses is engineering outfit Zelan Bhd (KL:ZELAN) which is in the cash-strapped Practice Note 17 category since April 2023. Zelan is 39.24% controlled by privately held MMC Corp.

While not everything he touches turns to gold, Syed Mokhtar’s moves with EcoWorld — one of the country’s top developers — will be closely watched.

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