KUALA LUMPUR: UOA Development Bhd has denied speculation that it will be taken over by Eco World Development Holdings Sdn Bhd.
In a statement on the 4th of September, UOA Development said the company and its controlling shareholders, were unaware of any ongoing negotiations as reported in a weekly publication.
It was reported that UOA Development's Co-Founder/Managing Director Kong Chong Soon is mulling the possibility of selling part or all of his 68 per cent stake in the company.
"The company remains committed to its medium to long-term plan, focusing on core development activities and delivering a sustainable and strong financial performance for our shareholders," said UOA Development.
Last month, Eco World Development acquired Focal Aims Holdings Bhd.
According to its website, UOA Development has a total land bank of more than 40.47 hectares (100 acres) with a potential estimated gross development value of more than RM10 billion as of Dec 31, 2012, to be realised over the next 10 years.
The group's investment portfolio grew to approximately RM1.5 billion as of December last year.