SC: Sime's acquisition of 30% of E&O did not trigger MGO

Publish date: Tue, 11 Oct 2011, 04:55 PM
KUALA LUMPUR: The Securities Commission said SIME DARBY BHD []'s acquisition of 30% equity interest in Eastern & Oriental Bhd (E&O) did not trigger a mandatory offer obligation under the Malaysian Code on Take-Overs and Mergers 2010.

The SC issued the statement on Tuesday, Oct 11 after concluding the review of the circumstances surrounding the acquisition of 30% stake in E&O by Sime for any Take-Over Code implication.

'In the course of the review, parties involved in the transaction were interviewed and relevant documents procured. The review included an assessment of possible concert party relationships between and amongst the parties involved. Precedents in Malaysia and practices and rulings in other jurisdictions on similar issues were also examined,' it said.

The SC said in accordance with the provision of the Securities Commission Act 1993 and the SC's internal governance processes, the review was led by the two most senior independent Commission Members, Datuk Francis Tan and Datuk Gumuri Hussain.

Note: See earlier story -- No need for mandatory offer for E&O, says Sime Darby

Labels: E&OSIME

Discussions
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valueinvestor

Didn't they act together to reject ECM's request to appoint new directors? Will they also reject nominees from Sime in the future?

2011-10-11 21:31

mancon

Expected ! Malaysia bolih ! Thats why I wont buy stocks here

2011-10-12 12:00

mancon

1) How can the deal go through when the market is 60% below the purchase price ?
2) CIMB Investment Bank bought into GK Goh few years ago and used GK Goh to buy E&O shares
3) Clearly insider trading

2011-10-12 12:10

goodhorse

Another clear example that minority shareholders/retailers are not taken care! Malaysia boleh!!!

2011-10-12 14:49

luckyman

The MD with 5% stake got re-elected but ECM with 6% stake couldn't get board representation. No element of parties acting in concert? Food for thoughts? Would appreciate someone out there providing some legal opinion.

2011-10-13 09:27

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