11/11/2011 (The Star) - Sime Darby Bhd reiterated it does not have any immediate plan to increase its 30% stake in luxury lifestyle property developer, Eastern & Oriental Bhd (E&O).

“In due course we will have to go through the process of appointing a board representative at E&O and we are also working on areas of collaboration with E&O,” Sime Darby chief executive Datuk Mohd Bakke Salleh said after the company's AGM yesterday, which took over three hours.

Bakke: ‘We will have to go through the process
of appointing a board representative at E&O.’

All the resolutions were passed but most majority shareholders' questions centred on the E&O deal and directors' fees. On the release of the audit forensic report on the losses incurred by Sime Darby's energy and utilities division in 2010, Bakke said the matter was pending court hearing some time next year.

“Thus, I cannot commit any date of release as everything hinges on the proceedings of the court case,” he said.

As for the company's outlook for its current financial year to June 30, Bakke only gave the indication that the crude palm oil price was expected to hover around RM3,000 a tonne till the year-end.

“We will have another event on Nov 25 to announce our first-quarter performance and key performance indicators for this year. We will elaborate on the matter then,” he said.

For its previous financial year, Sime Darby posted a net profit of RM3.7bil, a huge jump from RM726.8mil in 2010. Revenue rose 29% to RM41.9bil from RM32.5bil in 2010.