ECM Libra ups E&O stake to 6.62%

KUALA LUMPUR: ECM Libra Financial Group Bhd has raised its shareholding in property developer Eastern & Oriental Bhd (E&O) to 6.62% after the recent acquisition of two million shares on Sept 29-30.

A filing with Bursa Malaysia showed that ECM Libra's shareholding increased to 59.19 million shares.

On Sept 30, most of E&O shareholders rejected ECM Libra's two nominees to the company's board of directors.

As of Sept 22, ECM Libra held 6.3% of E&O, making it the second largest shareholder after Sime Darby Bhd, which owns 30%.

E&O had been in the spotlight since Sept 9 when Sime Darby bought RM766 million worth of shares from three vendors — Datuk Terry Tham, E&O managing director; Tan Sri Wan Azmi Hamzah; and G K Goh Holdings of Singapore at a 60% premium above the market price of RM2.30 per share.