Friday, September 30, 2011

E&O shareholders reject ECM Libra board nominees

KUALA LUMPUR: Most of Eastern & Oriental Bhd (E&O) shareholders rejected ECM Libra Financial Group Bhd's two nominees to the company's board of directors.

At the AGM on Friday, Sept 30, about 75% of the voting shares present, voted against the resolutions to nominate Mahadzir Azizan and Leong Kam Weng. ECM Libra owns 6.3% of E&O shares.

Mahadzir is a director of ECM Libra, SYARIKAT TAKAFUL MALAYSIA BHD [], ECM Libra Investment Bank Bhd, Libra Invest Bhd and several other companies, and is a member of the investment committee of Amanah Raya REIT.

Leong sits on the board of directors and audit committee of TA ENTERPRISE BHD [] and TA Global Bhd.

As of Sept 22, ECM Libra holds 6.3% of E&O, making it the second largest shareholder after SIME DARBY BHD [] which owns 30%.

E&O's AGM dragged on for about four hours as shareholders queried the board on Sime Darby's acquisition of the 30% stake.

On Sept 9, Sime Darby bought RM766 million worth of shares from three vendors; Datuk Terry Tham, E&O's managing director, Tan Sri Wan Azmi Hamzah and GK Goh Holdings of Singapore at a 60% premium above the market price of RM2.30 per share.



No comments:

Post a Comment