Retirement fund KWAP buys into E&O project in RM877mil deal

Stake buy: An artist

PETALING JAYA: Retirement Fund Inc (KWAP) has taken up a stake in Eastern & Oriental Bhd’s (E&O) flagship property project in Penang and acquired a substantial equity interest in the listed developer in a deal worth a total of RM887.7mil.

Under the agreement, KWAP will purchase 20% in E&O’s second phase of Seri Tanjung Pinang (STP 2A), a township being developed on reclaimed land with an estimated gross development value of RM17bil.