KUALA LUMPUR: Sime Darby Bhd’s president and group chief executive Datuk Mohd Bakke Salleh has emerged as a non-independent and non-executive director of property outfit Eastern & Oriental Bhd (E&O).
According to a filing with Bursa Malaysia yesterday, Bakke was appointed the nominee director representing Sime Darby, which holds a 30% stake in E&O.
Bakke is joined by Sime Darby group chief operating officer Datuk Abdul Wahab Maskan who has been appointed E&O’s non-independent and non-executive director.
E&O also saw the resignation of non-independent and non-executive director Thomas Teo Liang Huat.
Sime Darby became E&O’s single largest shareholder when it acquired the 30% stake for RM766 million cash or RM2.30 per share from E&O’s managing director Datuk Terry Tham, Tan Sri Wan Azmi Hamzah and GK Goh Holdings of Singapore in September.
The share purchase by Sime Darby prompted the Securities Commission (SC) to investigate the requirement for the conglomerate to extend a mandatory general offer (MGO) for the remaining 70% stake in E&O.
However, SC later ruled that Sime Darby was not required to extend a MGO as it had found no collusion between Sime Darby and Tham regarding the deal.
While Sime Darby has not revealed its plans for E&O, analysts said it is most likely to participate in the latter’s Seri Tanjung Pinang 2 project in Penang, which has a gross development value of RM12 billion.
E&O rose two sen to RM1.33 while Sime Darby gained 15 sen to close at RM8.81 yesterday.
This article appeared in The Edge Financial Daily, November 30, 2011.
According to a filing with Bursa Malaysia yesterday, Bakke was appointed the nominee director representing Sime Darby, which holds a 30% stake in E&O.
Bakke is joined by Sime Darby group chief operating officer Datuk Abdul Wahab Maskan who has been appointed E&O’s non-independent and non-executive director.
E&O also saw the resignation of non-independent and non-executive director Thomas Teo Liang Huat.
Sime Darby became E&O’s single largest shareholder when it acquired the 30% stake for RM766 million cash or RM2.30 per share from E&O’s managing director Datuk Terry Tham, Tan Sri Wan Azmi Hamzah and GK Goh Holdings of Singapore in September.
The share purchase by Sime Darby prompted the Securities Commission (SC) to investigate the requirement for the conglomerate to extend a mandatory general offer (MGO) for the remaining 70% stake in E&O.
However, SC later ruled that Sime Darby was not required to extend a MGO as it had found no collusion between Sime Darby and Tham regarding the deal.
While Sime Darby has not revealed its plans for E&O, analysts said it is most likely to participate in the latter’s Seri Tanjung Pinang 2 project in Penang, which has a gross development value of RM12 billion.
E&O rose two sen to RM1.33 while Sime Darby gained 15 sen to close at RM8.81 yesterday.
This article appeared in The Edge Financial Daily, November 30, 2011.
