Eastland

It is in the midst of corporate tussle between the existing board of directors and disgruntled minority shareholders due to differing opinions regarding the company’s future plans and a proposed private placement exercise.

It was reported that Mohd Nazifuddin Najib, who is PM Datuk Seri Najib Razak’s second son, is bidding control over EastLand against a group led by Sabah business magnate Teh Soon Seng. Nazifuddin;s involvement in Eastland may have been due to his link to the Kelantan royal family through his mother Tengku Puteri Zainah Tengku Iskandar.

Eastland is primarily involved in property development in Kelantan. Its flagship project is the Bandar Tasek Raja township development in Pasir Mas, Kelantan with a GDV of rm151 million.


Through its wholly owned subsidiary Eastern Biscuit Factory Sdn Bhd, it owns the Kota Sri Mutiara shopping complex, a 23 storey condominium and the Renaissance Kota Baru.

The company said it is holding several parties to develop a piece of land in Kota Baru which might have controlled to the share price increase.

It also disclosed that it will be entering a joint agreement with Zalam Corp Sdn Bhd to develop a piece of vacant land in the state capital.

It owns a parcel of vacant property development land in Kota Baru with the bigger one measuring 5767 sq m having a net book value of rm5 million.


It had also proposed a private placement exercise.