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KUALA LUMPUR (March 30): Trading in the securities of Eastern & Oriental Bhd (E&O) has been suspended from 9am today pending a material announcement.
In a filing with Bursa Malaysia today, it said the regulator had approved its request to suspend its share trade between 9am and 5pm.
According to sources quoted by The Edge Financial Daily, the developer is believed to have found a strategic investor to pump in fresh capital to kick-start land reclamation for Phase 2A of the Seri Tanjung Pinang (STP) development — part of the remaining 760-acre STP project.
Phase 2A involves reclaiming 253 acres (102.38ha) of land, which has an estimated gross development value of RM20 billion.
E&O is said to be in talks with a large local fund to take up an equity stake in the project.
It was previously reported that the group intends to have an investor who is willing to acquire 40% stake in the project.
Yesterday, it closed up 16 sen or 8.2% at RM2.12, valuing it at RM2.67 billion. — theedgemarkets.com
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