KUALA LUMPUR: Shares of Eastland Equity Bhd surged for the second trading day on Monday to a high of RM1.13 despite being queried by Bursa Malaysia Securities last Friday.
At 9.03am, it was up 29 sen to RM1.13. There were 2.56 million shares done.
The FBM KLCI rose 1.45 points to 1,773.72. Turnover was 61.43 million shares valued at RM34.42mil. There were 169 gainers, 31 losers and 91 counters unchanged.
Last Friday, Eastland shares hit limit-up, surging 30 sen and prompting a query from Bursa Securities.
The company replied that its unit had held discussions with several parties to jointly develop a piece of land in Kota Baru but the negotiations were still in a preliminary stage. It also proposed to undertake a private placement.
Equal Accord Sdn. Bhd.'s shareholdings as at 8 July 2013 are as follows:
Direct Interest/Percentage (%) 17,515,000 (7.84%)
Tan Kok Aun's shareholdings as at 8 July 2013 are as follows:
Direct Interest/Percentage (%) 1,463,200 (0.66%)
Eastland Equity Bhd (formerly known as Furqan Business Organisation), which was last involved in a corporate battle of wills in 2004, has caught the eye of the investing public again.
Corporate insiders told Business Times that two Sabah-based groups are preparing to battle for control of Eastland, whose jewel in the crown is Renaissance Kota Bharu, the only five-star hotel in Kota Baru, Kelantan.
Eastland is also involved in the RM200 million Bandar Tasek Raja project in Pasir Mas, Kelantan.
The company last made the headlines when it was caught in a battle for control of another listed entity, plantation company Cepatwawasan Group Bhd. At that point of time, Cepatwawasan’s former managing director Datuk Lo Fui Ming had wanted to remove Eastland’s nominees, namely Tan Sri Chai Kin Kong, Chai Kim Chong and Datuk Chua Tiong Moon, from the company’s board of directors. The trio eventually resigned from Cepatwawasan.
It is believed that the Chai family’s interest in Eastland is represented by Equal Accord Sdn Bhd, which had a 7.8 per cent stake in the company as at April this year. Business Times understands that a party with a direct link to some of Eastland's founding members is keen to regain control of the company, which its plans to use as the main vehicle for a massive project in Sabah.
Those seen as friendly to the party are Chu Sheng Taur, who owns a 4.08 per cent stake in Eastland, Chu Jan Tow (3.91 per cent) and Melvin Yeo Kiandee (3.76 per cent). A quick research shows that Melvin is an architect, while Chu Sheng Taur was a former major shareholder in Loh & Loh Bhd.
don"t believe this kind of this,last month newspaper ever said najib son buy over etitech and share shoot up,after this they said is fake news and etitech share huge drop until now already suspended
this is the new way of stock manipulation and its proven already to Luster,Patimas,Etitec. Bursa should come with new regulations to curb this blood sucking manipulator and also news editor or reporter who have no integrity at all. They smart by using the "Source Said" .
yes I saw the news about nazifuddin najib taking over etitech but it was totally fake... now they are trying to do it with eastlnd. I simply don't understand why bernama is always manipulating the news.. part of syndicate kah?
Mohd Nazifuddin Najib is seen to be entering the fray to thwart a group led by businessmen Teh Soon Seng, over control of Eastland Equity Bhd, corporate sources said.
ahaha the way they reported the news is so funny. why anak najib wants to "thwart" the group all of a sudden? what is so special about this company sampai najib's son is involved?
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
sindahtay
12 posts
Posted by sindahtay > 2012-08-30 18:45 | Report Abuse
why this stock start to move?