KUALA LUMPUR: Most of Eastern & Oriental Bhd (E&O) shareholders rejected ECM Libra Financial Group Bhd’s two nominees to the company's board of directors.
At the AGM on Friday, Sept 30, about 75% of the voting shares present, voted against the resolutions to nominate Mahadzir Azizan and Leong Kam Weng. ECM Libra owns 6.3% of E&O shares.
Mahadzir is a director of ECM Libra, SYARIKAT TAKAFUL MALAYSIA BHD , ECM Libra Investment Bank Bhd, Libra Invest Bhd and several other companies, and is a member of the investment committee of Amanah Raya REIT.
Leong sits on the board of directors and audit committee of TA ENTERPRISE BHD  and TA Global Bhd.
As of Sept 22, ECM Libra holds 6.3% of E&O, making it the second largest shareholder after SIME DARBY BHD  which owns 30%.
E&O’s AGM dragged on for about four hours as shareholders queried the board on Sime Darby’s acquisition of the 30% stake.
On Sept 9, Sime Darby bought RM766 million worth of shares from three vendors; Datuk Terry Tham, E&O’s managing director, Tan Sri Wan Azmi Hamzah and GK Goh Holdings of Singapore at a 60% premium above the market price of RM2.30 per share.