Kamunting to buy 40% left in E&O-PDC

PETALING JAYA: Kamunting Management Services Sdn Bhd, an indirect wholly-owned subsidiary of Eastern & Oriental Bhd (E&O), has entered into a share sale agreement with Penang Development Corp (PDC) to acquire the remaining 40% of the issued share capital in E&O-PDC, comprising 14,000 ordinary shares, for RM46.95mil.

In a filing with Bursa Malaysia, E&O said Kamunting was currently the registered owner of 21,000 ordinary shares, equivalent to 60% of the shareholding in E&O-PDC.

“The acquisition of 40% shareholding in E&O-PDC from PDC will enable E&O to own 100% shareholding in Tanjung Pinang Development Sdn Bhd, where the main development activities for E&O Group will be concentrated on over the next 30 years.” — Bernama