Wednesday, 29 June 2011
E&O expands to Johor
The share price of E&O open 6 sen higher today at RM1.62 but quickly succumbed to profit taking. Currently it is traded at RM1.58, up 2 sen. Here is the reason behind the early price rally - its first project in Johor, which is a big one.
KUALA LUMPUR: Eastern & Oriental Bhd (E&O) has entered into a shareholders' agreement with Pulau Indah Ventures Sdn Bhd to develop a wellness township Nusajaya.
Nusajaya is a flagship zone of Iskandar Malaysia.
E&O (via wholly-owned subsidiary Galaxy Prestige Sdn Bhd) and Pulau Indah have agreed to establish a 50:50 joint venture (JV) company named Nuri Merdu Sdn Bhd.
Pulau Indah is a 50:50 JV between Khazanah Nasional Bhd and Temasek Holdings.
This will be E&O's maiden foray into Johor.
The 210-acre freehold land for the proposed development is 15 minutes away from the Tuas Second Link to Singapore, and is owned by Iskandar Investment Bhd, a 60% subsidiary of Khazanah.