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KUALA LUMPUR (June 29): Property developer Eastern & Oriental Bhd (E&O) said Brexit will not negatively impact the total net realisable value of the group’s properties in the United Kingdom.
In a bourse filing today, E&O said this was because it had invested in London before the sharp rise of properties, at a time when the ringgit to the sterling pound exchange rate was lower.
It defined the total net realisable value as the total value of properties less total bank borrowings.
“Our properties are located in prime locations that remain very much in demand, with positive sales prospects. Our bank borrowings are conservative with a low loan to value ratio.”
“We had invested into London [earlier] on before property prices rose sharply there; and the ringgit to sterling pound average exchange rate was lower than today," it added.
Meanwhile, prior to the Brexit vote, the property developer had, in April, cancelled the proposed admission of the securities of its indirect wholly-owned Easter & Oriental (UK) Ltd (E&O UK) onto the London Stock Exchange (LSE).
At 3pm, shares of E&O were trading 1 sen or 0.61% lower at RM1.63, for a market capitalisation of RM2.05 billion. — theedgemarkets.com
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