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Friday, November 11, 2011

Sime to unveil E&O plan soon

KUALA LUMPUR Sime Darby Bhd, which bought a 30 per cent stake in Eastern & Oriental Bhd (E&O), will unveil its potential collaboration with the property developer on November 25.

Sime president and group chief executive Datuk Mohd Bakke Salleh said more details would be known on that day, which is also the day that Sime will announce its first quarter results ended September.

"We will announce the E&O collaboration, outlook for the next financial year as well as Sime's 2012 KPI (Key Performance Index) target on November 25," Bakke said after its annual shareholders meeting.

Sime bought the 30 per cent stake in the Penang-based property developer for RM766 million in August. The conglomerate, however, has not nominated any board representation in E&O, even though it has management control.

"No plans yet on board representation but the directors will have to go through the process."

Bakke said Sime also had no plans to increase its stake in E&O.

By Business Times

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