KUALA LUMPUR: Following the conditional mandatory takeover offer for Eastern & Oriental Bhd (E&O), Amazing Parade Sdn Bhd is now the major shareholder of E&O with a 55.2 per cent stake as at May 11,2021.
Amazing Parade is the private investment vehicle of Kerjaya Prospek Group Bhd (KPGB) co-founders Datuk Tee Eng Ho and his brother Tee Eng Seng. Amazing Parade is being controlled by Eng Ho.
KPGB in a virtual press conference today announced that Eng Ho has been redesignated as the new executive chairman from non-independent non-executive director of E&O.
Datuk Seri Tham Ka Hon remained as executive deputy chairman and Kok Tuck Cheong remained as managing director of E&O.
It also announced that while Kok Meng Chow (she) is no longer a board member of E&O group, she will continue in her capacity as finance director.
During the virtual session, Eng Ho said currently KPGB does not hold any shareholding in E&O and does not have any plans to merge with KPGB in the near future.
"KPGB is a contractor and E&O is a premium lifestyle property developer and there are two different synergies at the moment. Maybe in five or 10 years, we may change our plans to merge," he said.
Meanwhile, commenting on the implementation of the Movement Control Order (MCO) 3.0 and the impact on KPGB’s construction business, Eng Ho said it has been somewhat effected where it delayed the construction processes.
However, he said it is expected to be better than in MCO 1.0 as economic activities are allowed to operate.
In the virtual session, KPGB also announced the change in its board of directors. Eng Ho is now non-independent non-executive chairman. Previously, he was non-independent executive chairman.
Tee Eng Tiong is its chief executive officer and executive director.
Prior to his appointment as CEO, Eng Tiong has been the project director with Kerjaya Prospek (M) Sdn Bhd since 2015 and has over 18 years of experience in the field of construction, especially in high rise buildings.
KPGB also appointed Maylee Gan Suat Lee and Chan Kam Chiew as independent non-executive directors.