E&O crosses major hurdle

PETALING JAYA: After three years, Eastern & Oriental Bhd (E&O) has crossed a major hurdle by obtaining the conditional approval from the Department of Environment (DOE) to develop phase two of its Seri Tanjung Pinang (STP) project involving the reclamation of 891 acres (361ha) of sea-fronting land in Penang.

The company disclosed to Bursa Malaysia the progress of STP, prompting analysts to rerate the stock. The stock was up 21 sen to RM2.46 on a volume of 27.99 million shares yesterday.