The market has been rife with rumors of a new substantial shareholder emerging in E&O and a possible MGO from this party.
A name has been bandied about is Datuk Desmond Lim Siew Choon, the substantial shareholder and executive chairman of Malton Bhd. Market has it that the property tycoon has expressed interest in E&O, the main draw of which is its landbank in Penang. Lim may team up with some shareholders of E&O to make a counter bid. However, Sime Darby’s CEO Bakke is aware of the rumors but adds that they have remained just that.
Apart from the three vendors that clinched the deal with Sime Darby, ECM is a notable shareholder of E&O with about 6.25% stake interest held by its investment funds.
If Lim or anybody elsewhere to make a competing bid for E&O, they would need the support of the ECM Libra, which emerged as a substantial shareholder at end of April 2011 with 5.12% stake. It raised its stake to 6.25% in Aug 20111.
But a lot depend on whether those behind the competing bid can obtain the finances to undertake a GO for E&O. If there were indeed a bid, Sime Darby has the finances to challenge it.
Till now, there was no filing with Bursa Malaysia on Lim surfacing as a substantial shareholder in E&O.
If a new substantial were to emerge at E&O, what would it mean for Sime?
One name that has come into focus is E&O chairman Datuk Azizan Abd Rahman, the spouse of the SC’s chairman Tan Sri Zarinah Anwar.
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