Encorp: Appointment of three new directors ‘sparks interest’
EdgeProp.my3-4 minutes
KUALA LUMPUR (Sept 18): Excitement and gains in share price seem to have originated from the appointment last week of three new directors at the property development company Encorp Bhd, reported The Edge Malaysia.
The three appointments are Mohd Ali Abd Karim (independent non-executive chairman), Lukman Abu Bakar (independent non-executive director) and Datuk Shireen Ann Zaharah Muhiudeen (non-independent non-executive director).
The weekly stated that Shireen’s appointment “raised the most eyebrows, as being a non-independent director means that she is a nominee of the Federal Land Development Authority (FELDA), a 62.3% shareholder of Encorp”.
“She is experienced, she is on the board of FELDA, she was with a regulator, she has been with some very good companies, a couple of banks … So, of course, the expectations are high, with what she may be able to do at Encorp,” a market watcher told The Edge.
Report: FELDA looking to 'dispose of a stake' in Encorp
KUALA LUMPUR (Aug 21): Federal Land Development Authority (FELDA) “is understood to be looking to dispose of a stake” in developer Encorp Bhd, The Edge Malaysia reported this week.
A source told the weekly in its report that FELDA is “toying with the idea of selling a block of shares to a bumiputera entrepreneur”.
The source added that “if the share price picks up, FELDA will exit the company”.
Another source said that: “What I hear is that the asking price is high at about RM1 (a share). FELDA bought in at a high price, so it is considering many options now.”
The boss said that the stock price must exceed RM1 before selling.
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