KUALA LUMPUR (May 12): Eastern & Oriental Bhd (E&O) announced today Datuk Tee Eng Ho’s redesignation as the property developer’s chairman from director previously besides other board members’ resignations due to the takeover offer by Amazing Parade Sdn Bhd, in which Tee has a stake.

In filings with Bursa Malaysia today, E&O said the boardroom changes are effective today.

According to E&O, its boardroom changes include Datuk Azizan Abd Rahman's resignation as independent and non-executive chairman of the company and Kamil Ahmad Merican's resignation as non-independent and non-executive director.

E&O said Kamil’s resignation was "due to the take-over offer by Amazing Parade” while Azizan’s resignation was "due to personal reasons”.

E&O’s filings today on the company’s shareholding changes showed that Amazing Parade owned a direct 35.69% stake in E&O comprising 510.82 million shares as at yesterday following minority shareholders' acceptance of Amazing Parade’s takeover offer to buy the remaining shares in E&O at 60 sen each.

According to E&O, Eng Ho’s indirect stake in the company stood at 45.73% comprising 654.53 million shares.

Eng Ho is also a board member in builder Kerjaya Prospek Group Bhd, which had also announced boardroom changes that are effective today.

Kerjaya Prospek said in separate Bursa filings today that Kerjaya Prospek’s boardroom changes include Eng Ho’s redesignation as non-executive chairman from executive chairman previously and Tee Eng Tiong’s appointment as chief executive director.

Eng Ho is Eng Tiong’s brother, according to Kerjaya Prospek.

"He (Eng Tiong) has more than 18 years [of] working experience in the construction industry, specifically in high-rise buildings and has delivered successful projects within time and cost to clients' satisfaction, for projects worth more than RM4.5 billion in total, in Kuala Lumpur, Klang Valley, Penang and Johor Bahru,” Kerjaya Prospek said.

On Bursa today, E&O's share price closed unchanged at 60 sen for a market value of about RM858 million based on the company’s 1.43 billion issued shares.

Kerjaya Prospek’s share price closed one sen or 0.81% higher at RM1.24, which values the group at about RM1.54 billion based on the company’s 1.24 billion issued shares.

Amazing Parade owned a 20.53% stake in Kerjaya Prospek as at March 31, 2021, according to Kerjaya Prospek’s latest annual report.

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