PETALING JAYA: United Kingdom-based investment company Aberdeen Group plc (formerly Abrdn plc) has emerged as a substantial shareholder in Eastern & Oriental Bhd
(E&O).
This was after the company increased its stake in the latter to 5.047%, representing 125.66 million shares.
Additionally, this latest acquisition follows Aberdeen’s purchase of 124.317 million shares in the E&O through three separate transactions last week that began on March 19.
For its third financial quarter ended Dec 31, 2024 (3Q24), E&O recorded a 10% year-on-year (y-o-y) drop in net profit to RM30.9mil due to higher tax expenses, even though it saw an 82% y-o-y jump in revenue to RM167.74mil.
The Penang-based property developer attributed revenue growth to strong sales of The Lume and continued revenue recognition from other ongoing projects, including The Meg, Fera and Senna.
On the other hand, in 3Q25, the group’s tax expenses more than doubled to RM12.43mil, mainly due to certain non-deductible items.
