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KUALA LUMPUR (Nov 27): Eastern & Oriental Bhd (E&O) has acquired the remaining 4.4% stake it does not own in Bridgecrest Resources Sdn Bhd (BRSB) for RM33 million.
BRSB is an intermediate holding company of Tanjung Pinang Development Sdn Bhd, the holder of the concession to reclaim the Seri Tanjung Pinang land in Penang, and E&O Property (Penang) Sdn Bhd, the developer of the Seri Tanjung Pinang Phase 1 land.
In a filing with Bursa Malaysia today, E&O said its wholly-owned indirect subsidiary Kamunting Management Services Sdn Bhd has entered into a share sale agreement with North Zest Sdn Bhd (NZSB) for the share acquisition.
"The acquisition price was arrived at on a willing buyer-willing seller basis taking into consideration the net assets of BRSB and its subsidiaries," it added.
E&O said the acquisition was funded via internal funds.
E&O shares rose 8 sen or 5.63% to close at RM1.50 today, giving it a market capitalisation of RM1.85 billion. — theedgemarkets.com
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