Latest news on E&O MGO by Sime, yess yess

[bob2424]

what is a regulation/guidline?

it is meant to provide a fair market enviroment to all participants, major or minority shareholders.

when a deal happen bypassing  market regulation/guideline, tho not illegal, it destroyS confidence in integrity of market  players .  you know they cheat, and cheated big time, yet you are like the ANJING TENGOK (WATCH DOG), HELPLESS AND CAN'T DO MUCH

does not seem like "rakyat di dahulukan" propaganda

more like selected persons di dahulukan

[AnywayUp]

sure, Bolehland has our ethic - "anything also boleh"

[bob2424]

There is also pressure on Sime to make a mandatory general offer (MGO) to E&O’s minority shareholders as the plantations-to-property group had paid a 60 per cent premium for the 30 per cent stake bought from three shareholders. Azizan, who is E&O chairman, did not sell to Sime but has been reportedly buying shares in the past few months.

mind you that 60% is on top of 60% rise from 1.00 few months ago. so it is actually 120% premiun

[USuck]

SC = Super Corrupted?

[mark1970]

Sime also bought 60million loan stock which can be converted into ordinary shares.

If include the loan stock, then Sime owns more than 33%, possible MGO anytime.

[bob2424]

The role of SC is to promote market integrity
This has been propganda everywhere , in internatinanal conference, seminar.
say thousands of time true la
got enforce market integrity?

[mark1970]

By right should be MGO... but SC's head Zarinah will be labelled as head of Super-Corrupt (SC) if she lets this through because her husband would have profited alot if sell at 2.30 MGO price. And this would downgrade Malaysia in the global corruption rating and our boss Ajib will be very unhappy.

So SC also in dilemma now.

[ckhkbursa]

SC = Super Corrupted?

[bob2424]

The role of SC is to promote market integrity
This has been propganda everywhere , in internatinanal conference, seminar.
say thousands of time true la
got enforce market integrity?

actually, by law, no law broken la, bypassed !!
but i give you example la
i got one old kancil, 5 yearsold , market price 15k, than i persuade one one director to buy the car from me at 23k, no worry, use company fund, buy car for body guard use.

as sweetener, i give the director 2k as kickback la
you help me i help you la
 you help me i help you la
you help me i help you la
you help me i help you la
you help me i help you la

[mark1970]

actually, by law, no law broken la, bypassed !!
but i give you example la
i got one old kancil, 5 yearsold , market price 15k, than i persuade one one director to buy the car from me at 23k, no worry, use company fund, buy car for body guard use.

as sweetener, i give the director 2k as kickback la
you help me i help you la
 you help me i help you la
you help me i help you la
you help me i help you la
you help me i help you la

Totally agree. It should have been done that way. But you never make your sweetener public or tell the shareholders that a 15k car sell to the company for 23k right?

But Datuk Azizan used his own name to buy the shares few days before the Sime-E&O deal and announce his acquisition to the public. How stupid is that right? Now this deal has caught the international investors attention and our PM's credibility will be affected since election is around the corner.

[mark1970]

If MGO is called, our country will be an international laughing stock.

Where got SC boss approve her own husband's insider trading??

[ckhkbursa]

actually, by law, no law broken la, bypassed !!
but i give you example la
i got one old kancil, 5 yearsold , market price 15k, than i persuade one one director to buy the car from me at 23k, no worry, use company fund, buy car for body guard use.

as sweetener, i give the director 2k as kickback la
you help me i help you la
 you help me i help you la
you help me i help you la
you help me i help you la
you help me i help you la

Corrupted Corrupted Corrupted Corrupted Corrupted Corrupted Corrupted Corrupted Corrupted Corrupted Corrupted Corrupted Corrupted Corrupted Corrupted Corrupted Corrupted Corrupted Corrupted Corrupted Corrupted Corrupted Corrupted Corrupted Corrupted Corrupted Corrupted Corrupted Corrupted Corrupted Corrupted Corrupted Corrupted Corrupted Corrupted Corrupted Corrupted Corrupted Corrupted Corrupted Corrupted Corrupted Corrupted Corrupted Corrupted Corrupted Corrupted Corrupted Corrupted Corrupted Corrupted Corrupted Corrupted Corrupted Corrupted Corrupted Corrupted Corrupted Corrupted Corrupted Corrupted Corrupted Corrupted Corrupted

[GenY]

so, what can we as investors do??

keep quiet lor....because nothing can be done mar....if u invested...faster throw lor.....if u lost money...they will tell u condolence lor

[upandowntrend]

If MGO is called, our country will be an international laughing stock.

Where got SC boss approve her own husband's insider trading??

BIG syndicate among them - SC-dull Bursa - Sime - Goverment  !!!

[japanjack]

does not seem like "rakyat di dahulukan" propaganda

more like selected persons di dahulukan

Barang naik,Rakyat didahulukan
Tax naik,Rakyat diutamakan

[deva74]

There are two different issues.

Insider trading - charge + don't allow to make profits

MGO- SDB and parties acting in concert already exceed threshold so go ahead with MGO

Stay focused

[mark1970]

Maybe Zarinah will help her husband and give green light to the MGO and then resign.

[sheep]

Maybe Zarinah will help her husband and give green light to the MGO and then resign.

face saving solution? win-win-lose and poor sime the loser

 

[arostock]

the growth direction for the company following Sime Darby's acquisition of a 30% stake in E&O.

http://biz.thestar.com.my/news/story.asp?file=/2011/9/17/business/9507522&sec=business

[arostock]

everyday ppl say buy buy buy buy buy
2day tong tong chiang
all pondan laughing 2day, hero & heroine
all masuk lumpur dan longkang

those masuk longkang now laughing their way to the bank
EO now 1.59 up 5sen 

[APPLE]

well done SC, despite we can see their wrongdoing this time in obvious, lets think of how many others that not in obvious. Remember XOX is also a good example. I think SC need money very urgently.

[arostock]

Latest news in Star today.

E&O shareholder Wan Azmi says no agreement to exercise voting shares according to Sime Darby’s interest

http://biz.thestar.com.my/news/story.asp?file=/2011/9/20/business/9531872

[bob2424]

for 720 million 30% stake, howmany house SIME has to sell to recover inv?

if 2.7 billion MGO, SIME HAS TO SELL HOUSE FOR NEXT 20 YEARS ?  TO RECOVER INVESTMENT. CAN YOU WAIT FOR 20 YEARS?

[investlahlkb71]

From business perspective, its does not seem rite .. say if i m those big shareholders who had sold 30% to sime at rm2.30, cant they use the rm766mil and start collecting again now at much lower price and wait for mgo? That's not all, rm2.30 will buy them even more shares of rm1.50+ ... ?

[investlahlkb71]

From business perspective, its does not seem rite .. say if i m those big shareholders who had sold 30% to sime at rm2.30, cant they use the rm766mil and start collecting again now at much lower price and wait for mgo? That's not all, rm2.30 will buy them even more shares of rm1.50+ ... ?

Correction

From business perspective, its does not seem rite .. say if i m those big shareholders who had sold 30% to sime at rm2.30, cant I use the oledi received rm766mil and start collecting again now at much lower price and wait for mgo? That's not all, rm2.30 will buy me even more shares of rm1.50+ ... ?

[bob2424]

SIME THE THE WORLD BIGGEST PLANTATION CASH COW- BEING NILK ,KOREK KOREK KOREK

[bob2424]

AGAIN majority are being marginalised .
 
marginalised every where

[bob2424]

AGAIN majority are being marginalised .
 
marginalised every where

selected few are enjoy 3 quarter billions
the rakyat are marginalised
this is legal daylight robbery

[tzycwl]

SC is gov controlled body... They always like to do whatever they want especially ajeeb become PM... Now rakyat suffer more... Seem Malaysia gov really don't care of rakyat!!! They only know how to collect money from rakyat.. Like taxes, education fund and summonses....

May god bless us all.. Hope we could have a good leader in Malaysia...

[upandowntrend]

  rebound..come onn

[bob2424]

if you own 70% of E&o
AND THE 3 ceo LINKED beneficiary own 30%
and one day the 3 say they are selling to SIME  at 2.30 and you (70%) ARE HUT OUT FROMTHIS LUCRATIVE DEAL, HOW YOU FEEL?
****, I EMPLOY THIS CEO to jaga my padi field, now he just walk away a good deal without jaga my padi.

[arostock]

rebound..come onn

now down 3 sen oredy ....

[bob2424]

what is a regulation/guidline?

it is meant to provide a fair market enviroment to all participants, major or minority shareholders.

when a deal happen bypassing  market regulation/guideline, tho not illegal, it destroyS confidence in integrity of market  players .  you know they cheat, and cheated big time, yet you are like the ANJING TENGOK (WATCH DOG), HELPLESS AND CAN'T DO MUCH

[tzycwl]

if you own 70% of E&o
AND THE 3 ceo LINKED beneficiary own 30%
and one day the 3 say they are selling to SIME  at 2.30 and you (70%) ARE HUT OUT FROMTHIS LUCRATIVE DEAL, HOW YOU FEEL?
****, I EMPLOY THIS CEO to jaga my padi field, now he just walk away a good deal without jaga my padi.

Damn agree!!!

[bob2424]

oklah SIME ceo NOT BREAKING ANY LAW
IF A MUTUAL FUND COMPANY SAY WITH FUND SIZE OF 5 BILLION  DOING HEAD HUNTING NOW, WHAT IS THE CHANCE THEY WILL OFFER THE JOB TO SIME CEO ?

50% CHANCE? 5%? THROW IN RUBBISH BIN?

[arostock]

more news on E&O acquisiytin by Sime fro the star today:

http://biz.thestar.com.my/news/story.asp?file=/2011/9/21/business/9540643&sec=business

Only time will tell, be patient lorr.

[USuck]

Legal hanky panky by 3 parties: e&o. Sime, SC.

[bob2424]

KOREA BANKING SCANDAL
MAJOR SHAREHOLDER OF THE BANKS LOAN HUGE AMOUNT OF MONEY TO THEIR OWN BUSINESSES.


The FSS has already found that the seven lenders gave out hundreds of billions of won in illegal loans to businesses run by their largest shareholders and used accounts under borrowed names for illegal operations.

The prosecution is set to look into possible negligence of duty by financial regulators and political lobbying aimed at keeping the second-tier lenders' illegal acts in the dark.


THE GATEKEEPERS ARE CORRUPT
THE BANK MANAGEMENTS ARE CORRUPT
$36 BILLION GONE

[bob2424]

KOREA BANKING SCANDAL
MAJOR SHAREHOLDER OF THE BANKS LOAN HUGE AMOUNT OF MONEY TO THEIR OWN BUSINESSES.


The FSS has already found that the seven lenders gave out hundreds of billions of won in illegal loans to businesses run by their largest shareholders and used accounts under borrowed names for illegal operations.

The prosecution is set to look into possible negligence of duty by financial regulators and political lobbying aimed at keeping the second-tier lenders' illegal acts in the dark.


THE GATEKEEPERS ARE CORRUPT
THE BANK MANAGEMENTS ARE CORRUPT
$36 BILLION GONE

I HOPE IT DOES NOT HAPPEN IN mALAYSIA
BECAUSE WE HAVE very very low SRR OF 4% VS 26% IN CHINA BANKING SYSTEM
ANY SUCH INCIDENT WILL DEFINATELY SPARK RUN ON THE BANK AS 4 PER 100 KEPT BY BNM IS VERY LOW MARGIN OF SAFETY.
1 IN 25 BANKS OF EQUAL SIZE FAIL WILL COLLAPSE THE WHOLE SYSTEM
CHINA WITH SRR OF 26% CAN AFFORD TO HAVE 3.8 BANKS FAILURE  OUT OF 25 BANKS OF EQUAL SIZE B4 PANIC SET IN

[USuck]

Credit:

http://www.nanyang.com.my/node/384158?tid=461

http://www.nanyang.com.my/node/384108?tid=461


Elenin

http://www.nanyang.com.my/taxonomy/term/461?page=4


Other 

http://www.nanyang.com.my/node/384151?tid=461

[bob2424]

I HOPE IT DOES NOT HAPPEN IN mALAYSIA
BECAUSE WE HAVE very very low SRR OF 4% VS 26% IN CHINA BANKING SYSTEM
ANY SUCH INCIDENT WILL DEFINATELY SPARK RUN ON THE BANK AS 4 PER 100 KEPT BY BNM IS VERY LOW MARGIN OF SAFETY.
1 IN 25 BANKS OF EQUAL SIZE FAIL WILL COLLAPSE THE WHOLE SYSTEM
CHINA WITH SRR OF 26% CAN AFFORD TO HAVE 6.5  BANKS FAILURE  OUT OF 25 BANKS OF EQUAL SIZE B4 PANIC SET IN

[arostock]

http://biz.thestar.com.my/news/story.asp?file=/2011/9/22/business/9549151

PETALING JAYA: ECM Libra Financial Group Bhd which holds a 6.25% stake in Eastern & Oriental Bhd (E&O), is seeking to have two of its nominees as directors in the latter.

In an announcement to Bursa Malaysia, E&O said it had received a notice of intention to nominate directors to the board of E&O, via the request from ECML Nominees (Tempatan) Sdn Bhd-Avenue Capital Resources Bhd and ECML Nominees (Tempatan) Sdn Bhd-Libra Invest Bhd.

The two directors are Mahadzir Azizan and Leong Kam Weng. Mahadzir is a barrister-at-law by profession, and is also Island and Peninsular Bhd’s director of corporate affairs and has 25 years of experience in corporate legal matters.

Mahadzir has been involved in major aspects of corporate transactions, including land acquisitions, mergers and acquisitions, corporate reorganisation and takeovers, listing and de-listing, joint ventures and corporate reconstructions and capital reduction.

He is also currently a director of ECM Libra Financial Group Bhd, 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. He joined TA Enterprise Bhd as group legal advisor in 1992. Since 1993, he was assigned by the TA Group to identify, analyse and negotiate investment opportunities and acquisitions in the Asia-Pacific region including Hong Kong, Indonesia, and the Philippines.

E&O said this matter would be tabled at its coming AGM on Sept 30, 2011.

The current directors of E&O are Datuk Azizan Abd Rahman, Datuk Tham Ka Hon, Vijeyaratnam V. Thamotharam Pillay and Datuk Henry Chin Poy Wu. These directors are also seeking re-election at the AGM.

[arostock]

From BT

http://www.btimes.com.my/Current_News/BTIMES/articles/ecm-2/Article/index_html


Eastern & Oriental has told the stock exchange that ECM Libra Financial have nominated Mahadzir Azizan and Leong Kam Weng to sit on the board of the property developer.
 

 

Kuala Lumpur: ECM Libra Financial Group Bhd is tight-lipped on why it wants board representation in Eastern & Oriental Bhd (E&O).

On Wednesday, E&O told the stock exchange that ECM had nominated Mahadzir Azizan and Leong Kam Weng to sit on the board of the property developer.

A spokesperson from ECM told Business Times that the management declined to comment on the matter.

On September 30, E&O will be holding its yearly shareholders meeting and at the meeting, four directors are standing for re-election to the board.

The four are Datuk Azizan Abd Rahman, Datuk Tham Ka Hon, Vijeyaratnam V. Thamotharam Pillay and Datuk Henry Chin Poy Wu.

Assuming the ECM nominees are appointed to the board, it will have two representives in the nine-man board.

Speculation in the market place is that the appointments to the board are the first of many moves designed to force Sime Darby's hand in E&O.

Sime Darby emerged as a substantial shareholder in E&O last month after it acquired 30 per cent stake at RM2.30 a share from Tham (12.2 per cent), Tan Sri Wan Azmi Wan Hamzah (9.1 per cent) and G.K. Goh Holdings Ltd (9.5 per cent).

ECM has been buying shares of the Penang property developer recently.

"ECM has been buying shares at low prices in the market. If the MGO (mandatory general offer) happens at RM2.30, ECM will make a handsome profit. But, the question is whether ECM will agree on the price," the analyst said.

Analysts said that E&O minority shareholders are not happy with the Sime Darby deal, which did not trigger an MGO.

Read more: ECM Libra tight-lipped on E&O board move http://www.btimes.com.my/Current_News/BTIMES/articles/ecm-2/Article/index_html#ixzz1Yl1E4i6Q



Read more: ECM Libra tight-lipped on E&O board move http://www.btimes.com.my/Current_News/BTIMES/articles/ecm-2/Article/index_html#ixzz1Yl13dZ3U

[arostock]

Lets go to the AGM tomolo and give our full support to ECM. 

http://biz.thestar.com.my/news/story.asp?file=/2011/9/29/business/9595396&sec=business

PETALING JAYA: Eastern & Oriental Bhd’s (E&O) annual general meeting (AGM) this Friday will be widely attended and watched, considering what has transpired recently in the company.

Some sources are even predicting that the first signs of a boardroom tussle could surface at the AGM.

What would otherwise have been a business-as-usual meeting has been complicated by the entry of ECM Libra Financial Group Bhd as a substantial shareholder this year, and more recently Sime Darby Bhd via its acquisition of a 30.2% stake in E&O.

“It will be interesting to see how these parties, along with the vendor of the 30% block to Sime Darby, will vote on the matters that will come up at the AGM,” said one shareholder.

At the AGM, four directors of E&O are seeking re-election. They are its managing director Datuk Tham Ka Hon, Datuk Azizan Abd Rahman, Vijeyaratnam V. Thamotharam Pillay and Datuk Henry Chin Poy Wu.

On Sept 14, E&O told Bursa Malaysia it had received a notice of intention from ECM Libra to nominate Mahadzir Azizan and Leong Kam Weng, both lawyers by training, to its board.

ECM Libra had not replied to queries from StarBiz on why it was interested in having two board representations. One corporate lawyer said that it was not uncommon for lawyers to enter boards by disgruntled shareholders to “stir things up” and possibly “frustrate the intentions of the major shareholders.”

Recall that ECM Libra has not benefited from Sime Darby’s entry into E&O, unlike the three vendors of the 30% block who had enjoyed a 60% premium to market from the RM2.30 per share price that Sime Darby has paid. The three vendors are E&O managing director Tham, Singapore-listed GK Goh Holdings Ltd and Tan Sri Wan Azmi Wan Hamzah.

Some sources are speculating that ECM Libra may have the support of other friendly parties in E&O, which means that the ECM vote may hold sway over more than the 6.3% they reportedly own. ECM Libra emerged as a substantial shareholder in April with a 5.12% stake before increasing this to 6.25% last month and then to 6.3% last week.

It also remains to be seen how minority shareholders will swing the vote on the AGM day as they are said to be dissatisfied that a mandatory general offer was not triggered by Sime Darby’s 30% acquisition of E&O.

Tham still retains a 5.1% stake in E&O and his position as managing director. Tham has said he would remain the managing director for three years. He is now the third largest shareholder after Sime Darby and ECM Libra.

The Securities Commission is looking into the issue as to whether control has passed to Sime Darby and whether it is acting in concert with the vendors of the block of shares.

[alvintan]

no use, E&O is going to 1.3x soon

[arostock]

gua mau gelak teguling guling.

TMI said SC issued a statement today  about the probe - 14 Sep.

On SC website they backdate the press statement to 12 Sep. So glaringly lah - because it is sandwhiched between two 14 Sep annoucements. Ayoyo Samy  - mau klentong siapalah?
 

http://www.sc.com.my/main.asp?pageid=379&linkid=2917&yearno=2011&mod=paper


http://www.theedgemalaysia.com/business/192939-sc-will-announce-stock-transactions-over-sime-eao-deal.html

http://www.freemalaysiatoday.com/2011/10/05/perkasa-minta-siasat-transaksi-saham-sime-darby-eo/

Now Perkasa has reported to MACC

Perkasa minta siasat transaksi saham Sime Darby-E&O
Jamilah Kamarudin | October 5, 2011

KUALA LUMPUR: Pertubuhan Peribumi Perkasa Malaysia (Perkasa) hari ini mengemukakan aduan kepada Suruhanjaya Pencegahan Rasuah Malaysia (SPRM) berhubung isu pembelian 30 peratus ekuiti syarikat Eastern & Oriental Berhad (E&O) bernilai RM776 juta oleh Sime Darby Berhad (Sime Darby).

Laporan itu dibuat oleh Ketua Penerangan Perkasa Ruslan Kasim di Bangunan SPRM Wilayah Persekutuan, Jalan Cochrane di sini petang tadi.

Bercakap kepada pemberita, Ruslan berkata siasatan terperinci perlu dibuat jika wujudnya krisis kepentingan, penyelewengan dan salah laku penjawat awam ke atas transaksi dagang dan pembelian saham ter****t yang berharga RM2.30 seunit.

Ruslan berkata, transaksi berprofil tinggi dalam jangka masa singkat menunjukkan timbulnya keraguan tentang peranan yang dimainkan oleh Pengerusi Suruhanjaya Sekuriti (SC) Tan Sri Zarinah Anwar dalam transaksi yang melibatkan suaminya sendiri yang juga Pengerusi Bukan Eksekutif E&O Datuk Azizan Abdul Rahman.

‘Insider trading’

Beliau mendakwa wujud aktiviti dagangan dalaman (insider trading) memandangkan beberapa pengarah E&O termasuk Datuk Azizan didapati telah membeli saham syarikat tersebut sebelum diumumkan pembelian 30 peratus oleh Sime Darby.

“Walaupun Zarinah terpaksa mengumumkan beliau tidak campur tangan dalam siasatan berkaitan dengan urusan tersebut, tetapi apakah tiada kemungkinan imej dan pengaruh yang dimilikinya sebagai Pegerusi SC dapat pula mempengaruhi sebarang tindakan dan keputusan sepanjang siasatan dilakukan.

“Kenapa dalam keadaan baru lepas menanggung kerugian berbilion ringgit, Sime Darby sanggup membayar sehingga 60 peratus lebih dari harga pasaran E&O?,” soal Ruslan selain turut membangkit persoalan penglibatan individu yang menjadi dalang dalam permainan transaksi ini.

Sehubungan itu, beliau mendesak SPRM bertindak dengan segera menyiasat isu ini tanpa pilih bulu sama ianya melibatkan ‘ikan paus’ atau ‘ikan bilis’ dan mengheret mereka yang terlibat ke muka pengadilan jika terbukti wujudnya salah guna kuasa.

Siasatan ini amat diperlukan sekaligus bagi melindungi dan menjamin ketelusan, kewibawaan dan integriti sebuah badan pengawas selia kewangan sektor awam berprofil tinggi seperti SC, katanya.

Isu mem****tkan Azizan timbul selepas beliau didakwa telah membeli kira-kira 450,000 saham syarikat hartanah daripada pasaran terbuka mem****tkan lima transaksi berasingan sejak April dan Ogos tahun ini.

Tiga daripada transaksi dibuat antara Julai dan Ogos dan transaksi terakhir mem****tkan pembelian 100,000 saham pada 12 Ogos lalu.

Penguasaan itu menjadikan Sime Darby sebagai pemegang saham terbesar dalam syarikat hartanah yang memiliki Hotel E&O di Pulau Pinang.

Sementara itu, SC yang diketuai dua pegawai kanannya Datuk Francis Tan dan Datuk Gumuri Hussain telah mula melakukan siasatan menyemak transaksi saham E&O-Sime Darby sejak bulan lalu, manakala Zarinah terpaksa menarik diri dalam siasatan itu

[upandowntrend]

do thorough investigation.........Justice come 1st !!!!!!!!   

[USuck]

Should punish Sime instead of E&O. Wrong target. 

[USuck]

They might need a better pair of sleepers. Slippery when wet! 

[ilovenajib]

E&O sure menjunam tomorrow