PETALING JAYA: Eastern & Oriental Bhd’s (E&O) subsidiary Tanjung Pinang Development Sdn Bhd has acquired 100% equity interest in two shelf companies, namely, Persada Mentari Sdn Bhd and Junjung Angkasa Sdn Bhd.
Both companies were incorporated as private limited companies under the Companies Act 2016 with an issued and paid-up share capital of RM1 comprising one ordinary share.
Tanjung Pinang Development is currently working on the second phase of Seri Tanjung Pinang (STP).
STP is essentially a seafront development situated along Penang’s north-east coast and sits between George Town and the beaches of Batu Ferringhi.
The reclamation project STP2 has already begun dredging works after securing all the necessary approvals.
Aside from the reclamation of 760 acres under the project’s concession agreement, which is slated to be completed by June 2018, E&O is reclaiming a further 131 acres at its own cost along the Gurney Drive foreshore for the Penang state government.