KUALA LUMPUR: Eastern & Oriental Bhd (E&O) shareholders have approved the disposal of a 1.445 million-sq ft plot in the Seri Tanjung Pinang phase 2 (STP2) project for RM766 million. E&O managing director Kok Tuck Cheong (pic) said the go-ahead from shareholders in an extraordinary general meeting yesterday is a milestone towards realising the group’s partnership with KWAP to develop STP2A. Kok said the shareholders’ approval reinforces the management’s direction and belief that STP2A will be a major earnings driver for E&O over the next decade. “The sale of the land will enable the group to unlock the value of our investment in STP2A, realise [the] capital appreciation of the land and partially monetise our investment in STP2A. E&O said reclamation works for STP2A continue to gain momentum since commencing in early 2016, with completion due within the second half of 2018, barring any unforeseen circumstances.

Source: The Edge Markets August 08, 2017 01:52 UTC