MULTIPLE PROPOSALS EASTERN & ORIENTAL BERHAD ("E&O" OR THE "COMPANY") (I) PROPOSED LAND DISPOSAL; AND (II) PROPOSED RESTRICTED ISSUE

EASTERN & ORIENTAL BERHAD

Type Announcement
Subject MULTIPLE PROPOSALS
Description
EASTERN & ORIENTAL BERHAD ("E&O" OR THE "COMPANY")
 
(I)	PROPOSED LAND DISPOSAL; AND
(II)	PROPOSED RESTRICTED ISSUE

On behalf of the Board of Directors of the Company ("Board"), AmInvestment Bank Berhad ("AmInvestment Bank") wishes to announce that Tanjung Pinang Development Sdn Bhd ("TPD"), which the Company has 78.78% effective equity interest, had on 30 March 2017, entered into a sale and purchase agreement ("SPA") with Kumpulan Wang Persaraan (Diperbadankan) ("KWAP") for the disposal of 20% of the STP2A Development Land (as defined in attachment), which is undergoing reclamation process, measuring approximately 1,445,325.11 square feet ("sq ft") ("Disposal Portion"), together with Agreed Infrastructure (as defined in attachment), to KWAP for a cash consideration of RM766,022,310.42 ("Proposed Land Disposal").
 
In addition, on behalf of the Board, AmInvestment Bank also wishes to announce that the Company also proposes to undertake a proposed restricted issue of 66,100,000 new ordinary stock unit in E&O ("E&O Stock" or "Stock") ("Restricted Issue Stock") to KWAP at an issue price within the Issue Price Range (as defined in attachment) ("Proposed Restricted Issue").
 
Please refer to the attachment below for further details on the announcement.
 
This announcement is dated 30 March 2017.




Please refer attachment below.



Announcement Info

Company Name EASTERN & ORIENTAL BERHAD
Stock Name E&O
Date Announced 30 Mar 2017
Category General Announcement for PLC
Reference Number GA1-30032017-00100