KUALA LUMPUR: Property developer Eastern & Oriental Bhd said Datuk Tee Eng Hong, one of its directors, has made a conditional mandatory general offer to buy out minority shareholders in the company for 60 sen a share.
This is after Tee, through his private investment vehicle Amazing Parade Sdn Bhd on Friday acquired an additional 10.89% stake in the company from Sime Darby Bhd for RM93.5mil, or 60 sen a share.
The purchase raised Amazing Parade’s equity interest in E&O to 31.82%.
Together with other parties acting in concert, the offeror’s stake in E&O has increased to 42.71%, triggering a conditional mandatory takeover offer.
Tee is the executive chairman of Kerjaya Prospek Group Bhd. “The offeror intends to maintain the listing status of E&O, ” AmInvestment Bank said yesterday on behalf of Amazing Parade.
Meanwhile, in a separate filing with Bursa Malaysia today, Sime Darby said it has sold its entire 155.8 million shares in E&O to Amazing Parade at 60 sen each.
“The disposal is in-line with Sime Darby’s ongoing non-core asset rationalisation exercise, ” the company said.