Wan Azmi returns to E&O as a substantial shareholder

KUALA LUMPUR: Prominent businessman Tan Sri Wan Azmi Wan Hamzah has taken up a substantial stake in Eastern & Oriental Bhd (E&O), marking his return to the property developer.

In a statement today, E&O said Sweetwater SPV Sdn Bhd, a private company controlled by Wan Azmi and his wife, has acquired 130.23 million shares in E&O via a private placement.

The deal was done at RM127.6mil, or 98 sen a share. Shares in E&O were last traded down two sen at 90 sen on Tuesday.

“Wan Azmi’s investment is highly opportune," E&O managing director Kok Tuck Cheong said.

"His investment in E&O demonstrates the value he sees in the group’s prospects and we are optimistic that the market will view this endorsement positively," he said.

Wan Azmi was a significant shareholder in E&O from 2006 to 2011 before selling his stake to Sime Darby Bhd.