KUALA LUMPUR: Eastern & Oriental Bhd (E&O) shareholders today rejected ECM Libra Financial Group Bhds nominees Mahadzir Azizan and Leong Kam Weng to the companys board of directors.
About 75% of the shareholders who attended the property developers annual general meeting (AGM) here, voted against ECM Libras request, E&O deputy managing director Eric Chan Kok Leong told reporters.
Mahadzir is currently a director of ECM Libra, Syarikat Takaful Malaysia Bhd, ECM Libra Investment Bank Bhd, Libra Invest Bhd and several other companies, and is a member of the investment committee of Amanah Raya REITS.
Leong sits on the board of directors and audit committee of TA Enterprise Bhd and TA Global Bhd.
As of Sept 22, ECM Libra holds 6.3% of E&O, making it the second largest shareholder after Sime Darby Bhd which owns 30% equity interest.
Sime Darby acquired its stakes from E&O managing director Terry Tham (12.2%), Wan Azmi Hamzah (9.1%) and GK Goh Holdings of Singapore (9.5%) on Sept 9 for RM766 million or RM2.30 per share.
After the sale, Tham still has 5.1% while Wan Azmi and GK Goh hold 2.9% and 3.5% respectively.
Chan said about 60% of the shareholders of E&O attended the AGM which lasted about four hours.
He said between 90% and 95% of the shareholders voted for the reappointment of E&O chairman Azizan Abdul Rahman, managing director Tham and two other directors Henry Chin Poy Wu and Vijayaratnam Thamotharam.
We received overwhelming support from the shareholders. The energy is high. They (shareholders) have more questions than usual, he said after the AGM.
Chan also said E&O would hold its first meeting with Sime Darby in October to identify areas that both parties could work together.
Weve signed a collaborative agreement with Sime Darby. Well call for the first meeting next month in accordance with the agreement, he said.
E&O and Sime Darby signed the three-year collaborative agreement on the sa! me day s hare sale deal was concluded.
Chan said the group was now focusing on promoting E&Os unique brand proposition as a true lifestyle developer.
He added that the strategic corporate recognition attained by the group from its sales and marketing collaboration with Mitsui Fudosan Co Ltd the joint venture with subsidiaries of Khazanah Nasional Bhd and Temasek Holdings Pte Ltd to develop an iconic wellness township in Iskandar Malaysia as well as the entry of Sime Darby would provide vital impetus for the group to move forward with its growth strategy.