Amazing Parade buys 10.9% E&O shares, makes MGO

By AZALEA AZUAR

THE Tee family-controlled Amazing Parade Sdn Bhd (APSB) acquired 10.89% shares in Eastern & Oriental Bhd (E&O) from Sime Darby Bhd’s indirect, wholly-owned subsidiary, Sime Darby Nominees Sdn Bhd (SD Nominees), for RM93.5 million or 60 sen per share on March 26.

With the purchase, APSB and persons acting in concert’s (PACs) stakes in E&O now stand at 42.71%, thus triggering a conditional mandatory general offer (MGO) for the remaining 57.29% stake in E&O for 60 sen a share.

The offer price is at a slight premium to its last traded price of 58.5 sen last Friday and will cost the offer RM492 million to buy the remaining shares in the property concern.

According to E&O’s filing to Bursa Malaysia last Friday, APSB noted that it aims to keep the listing of E&O on the Main Board of the local exchange.

APSB is led by Datuk Tee Eng Ho of Kerjaya Prospek Group Bhd, his wife, Datin Toh Siew Chuon (25%), and brother and fellow Kerjaya Prospek ED Tee Eng Seng (50%).

The PACs in this corporate exercise include Paramount Spring Sdn Bhd, Summerchrome Sdn Bhd, Bright Milestone Sdn Bhd, Datuk Seri Terry Tham Ka Hon, Pentas Jasa Sdn Bhd, Grand Mission International Ltd, Morning Crest Sdn Bhd, Billforn Holdings Ltd, Chua Cheng Suan and Tee Lee Yen.

The sale of shares in E&O by Sime Darby was in line with its non-core asset rationalisation exercise.

In 2011, Sime Darby purchased a 30% stake in E&O at RM2.30 per share or RM766 million from E&O MD Tham, as well as other major shareholders.