Kerjaya Prospek’s Tee brothers up stake in E&O to 11.2%

KUALA LUMPUR (Sept 30): Kerjaya Prospek Group Bhd executive chairman Datuk Tee Eng Ho and his brother Tee Eng Seng, who is the group’s executive director,  have emerged as substantial shareholders in Eastern & Oriental Bhd (E&O).

According to separate filings by E&O to Bursa Malaysia today, the brothers had raised their shareholding from 14.63 million shares or 1.16% stake to 140.61 million shares or 11.2% stake in E&O, via their interest in Summerchrome Sdn Bhd.

Summerchrome is the holding company of Paramount Spring Sdn Bhd, the private investment vehicle of E&O group managing director Datuk Seri Terry Tham Ka Hon.
 
Tham had on Sept 29, acquired 125.98 million shares or a 10% stake in E&O at RM2.45 per share, through Paramount Spring, for a total of RM308.65 million. The shares were acquired from Sime Darby Bhd, and resulted in Tham upping his stake in E&O from 11% to 21%.

Sime Darby and Paramount had initially set the disposal price for the shares at RM2.60 in June, but this was revised downwards to RM2.45 on Sept 27.

The reduction in disposal price was done to better reflect the current outlook of the property sector, according to Sime Darby president and group chief executive Tan Sri Mohd Bakke Salleh.

E&O shares closed unchanged at RM1.68 today, for a market capitalisation of RM2.11 billion. — theedgemarkets.com

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