Wednesday, September 14, 2011

SC will announce stock transactions over Sime-E&O deal

KUALA LUMPUR: The Securities Commission Malaysia (SC) will review all stock transactions made by all parties over the relevant period related to SIME DARBY BHD []'s acquisition of a 30% stake in property developer Eastern & Oriental Bhd (E&O).

SC chairman Tan Sri Zarinah Anwar said on Wednesday, Sept 14, the details would be announcement when they are ready.

'We will let you when it is ready,' she said.

To recap, the SC had on Monday said it is viewing all 'stock transactions by all parties' in Sime Darby's acquisition of the 30% stake in E&O after it was queried by the investing public and shareholder activists alike.

Sime Darby had proposed to pay RM2.30 per E&O share for the block from three major shareholders - Datuk Terry Tham Ka Hon, Tan Sri Wan Azmi Wan Hamzah and GK Goh Holdings Ltd - at a price that worked out to a 60% premium to market.

Some quarters suggested that Sime Darby should be forced into making a mandatory general offer for E&O as the company, together with the three shareholders who sold the 30% block, have about 41% equity interest.

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