#Flash* Sime may be buying 30% stake in E&O

KUALA LUMPUR: Conglomerate SIME DARBY BHD [], which is bolstering its property development division, may acquire a 30% stake in developer Eastern & Oriental Bhd (E&O), two sources familiar with the deal said.

The stake include that held by Singapore-listed G K Goh Ltd, whose shares has been suspended pending an announcement on the deal which is expected as soon as this evening.

The shares of E&O were suspended before trading started today.

In a filing to Bursa, the company said the suspension request was pending an announcement.

E&O gets Penang govt nod for Seri Tanjung Pinang master plan

KUALA LUMPUR: Eastern & Oriental Bhd has received the Penang Government's in-principle approval for its master plan to undertake a mixed integrated project on a proposed reclaimed site on the island.

The company said on Tuesday, April 12 the approval was for the development on the site, which is to be reclaimed under phase two of its Seri Tanjung Pinang in Tanjong Tokong, Penang.

The plan was submitted by its subsidiary Tanjung Pinang Development Sdn Bhd which was granted the exclusive right to reclaim and develop 980 acres of land in Tanjong Tokong in 1992.

To date, the group has reclaimed and is continuing to develop Phase 1 of the project comprising approximately 240 acres of land under the name Seri Tanjung Pinang.

The group through Tanjung Pinang Development had sought state approval to reclaim the balance concession area of 740 acres.