AnarchySons - Stock Ideas

Tropicana’s Danny Tan buys stake in EcoFirst

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Publish date: Tue, 22 Feb 2022, 09:30 AM
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"I had made what I believe was one of the more valuable decisions of my business life. This was to confine all efforts solely to making major gains in the long-run." - Philip Arthur Fisher -
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Sources said that Tropicana founder, and major shareholder Tan Sri Danny Tan Chee Sing has emerged as the shareholder of property company, EcoFirst Consolidated Bhd, owning below the 5% mark for now. 
 
This would be the second strategic shareholder in EcoFirst following Datuk Michael Chooi Yoey Sun, the co-founder of Signature International Bhd, who emerged as a substantial shareholder of EcoFirst with over 5% stake in Jan. 
 
Danny Tan is currently the Group Executive Vice Chairman of Tropicana. Currently, he owns a direct stake of 24.52% and an indirect stake of 35.81% in Tropicana.
 
Danny Tan’s interest in EcoFirst is likely due to EcoFirst’s land bank in Ampang. His expertise and experience in the property industry are valuable to EcoFirst as the latter is heading for a township development under its current projects. 
 
EcoFirst’s flagship development – the Ampang Ukay mixed development, could be sharply revalued as the Cabinet is due to announce the approved MRT3 stations and interchanges within the month, sources say. This could be another reason why Danny Tan is keen on EcoFirst.
 
The Cabinet is at the final stages of approving the stations and interchanges for the Mass Rapid Transit 3 (MRT3) or MRT Circle Line, and following the announcement, tenders are expected to kickstart for this mega project in 2022 with all phases estimated to complete sometime around 2030.
 
EcoFirst closed Monday at 58.5sen on volume of 31.96mil shares.
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