Sime Darby Bhd, a Malaysian palm oil company, is acquiring a 30 per cent “strategic” stake in Eastern and Oriental Bhd, at RM2.30 per share or RM766 million, according to a statement to the stock exchange.

Business Times had earlier reported that sources said Sime had agreed to buy the 30 per cent stake.

Sime intends to extend its presence in the property development and hospitality sectors in the northern state of Penang and the southern Johor state, according to the statement. — Bloomberg

SOURCE: Business Times