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Put public funds to better use, review EcoWorld-Sunrise merger, says MP

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Fahmi Fadzil adds the proposed EcoWorld-UEM Sunrise merger comes at a time when the property market and the economy is expected to be weak due to Covid-19. FMTNews

PKR communications director Fahmi Fadzil said the share swap from the proposed merger between EcoWorld and UEM Sunrise is estimated to cost RM2.6 billion and the move is seen as a bailout for EcoWorld.

The Lembah Pantai MP said due to that, public funds could be put to better use rather than rescuing private entities. On Oct 5, it was reported that UEM Sunrise, the property arm of Khazanah Nasional, had received a letter of proposal from UEM Group Bhd for a merger with private property developer Eco World Development Group Bhd.

 

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Govt must rethink UEM Sunrise-EcoWorld merger, says Raja BahrinFormer deputy housing minister says the proposed deal raises many questions, including how it will be detrimental to UEM Sunrise and Khazanah, and benefit EcoWorld. FMTNews UEMSunrise EcoWorld Taikun maa kena lah bail out. Cronies use rakyat fund to bail out tycoon bad debt company and in exchange cronies get benefits from them too...😅 They are not stupid okie.. SP Setia Reloaded
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