There are no immediate plans to merge construction services company Kerjaya Prospek Group Bhd and premier developer Eastern & Oriental Berhad (E&O), said the majority shareholder of both companies Datuk Tee Eng Ho.

Speaking at a press conference on the change in the board of E&O, Tee however, did not rule out a potential merger in the longer term.

“E&O will still be a pure developer but possibly in five to 10 years it (can happen), nobody knows,” Tee said.

Through Tee’s ownership of Amazing Parade Sdn Bhd, he now has an effective majority stake of 55.2% in E&O where he is its new chairman while he is also the single largest shareholder in Kerjaya Prospek.

E&O’s original founder Datuk Seri Tham Ka Hon and Kok Tuck Cheong will continue as executive deputy chairman and managing director of E&O respectively, the company said in its announcement.

Source: TheStar.com.my