GEORGE TOWN: Property developer Eastern & Oriental Berhad (E&O) today announced it has recorded new property sales amounting to RM1.1 billion in its 2015/ 2016 financial year, the highest annual sales for the group thus far.
“We are highly encouraged by the support from our valued customers, both E&O loyalists as well as new clients," E&O managing director Datuk Seri Terry Tham said in a statement.
"This is especially meaningful in today’s challenging market environment where buyer sentiment remains generally cautious.”
The company also said it has announced to Bursa Malaysia that its board member and deputy managing director, Eric Chan Kok Leong, would be stepping down from his positions in the company effective August 11, 2016.
On changes to E&O’s board room composition, the group said it had also made the announcement to Bursa Malaysia on the reorganisation and reinforcement of its senior management team, namely, the appointment of Kok Tuck Cheong (TC Kok) as managing director effective July 1, and the re-designation of Tham from group managing director to executive deputy chairman.
The company also stated that Datuk Azizan Abdul Abdul Rahman remains as the group's chairman (independent non-executive director).
"Over the course of his successful banking career spanning several decades, TC not only commands the respect of the financial community, but having worked closely with many of the major property developers in Malaysia, knows E&O particularly well.
“In his previous position as chief executive officer of AmInvestment Bank, TC’s strengths and in-depth experience in financial planning and strategic business management is an invaluable asset, and we are delighted he has agreed to help chart the future of E&O going forward,” said Tham.