E&O sells entire stake in owner-operator of Lone Pine Hotel

KUALA LUMPUR: Eastern & Oriental Bhd (E&O) is selling its entire stake in E&O Express Sdn Bhd, the owner-operator of Lone Pine Hotel in Batu Feringghi, Penang, for RM85mil.

E&O announced to Bursa Malaysia that its unit Eastern & Oriental Hotel Sdn Bhd had inked an agreement to sell all its 10 million RM1 ordinary shares and 41,500 10-sen preference shares in E&O Express to duty-free goods trader Langkawi Saga Shopping Centre Sdn Bhd and liquor and cigarette wholesaler Lubritrade Trading Pte Ltd.