GuocoLand has sold off its 27% stake in KL-listed Eco World International for $61 million. This stake was carried on GuocoLand's books at $50 million.

EWI closed at 36 sen on May 10.

In its separate announcement, EWI says Flexsis, a subsidiary of KL-listed property firm Paramount Corporation, has become a new substantial shareholder with a stake of 21.54%.

"On behalf of the board of directors, I extend my warm welcome to Paramount as a new investor of the company,” says EWI chairman Cheah Tek Kuang.

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“We also extend our appreciation to the Guoco Group for their investment and contributions since the listing of EcoWorld International, and we wish them continued success in their future endeavours,” he adds.

“Meanwhile, business continues to be carried out as usual. Our group will continue to monetise our inventories with the aim of distributing the excess cash to shareholders as earlier announced,” says Cheah.

GuocoLand shares closed at $1.52 on May 10, up 2.01% for the day and up 3.4% year to date.