Chip Eng Seng: 13 Sep 2019 EGM on rights issue

Mak Yuen Teen, Prof in accounting specialising in corporate governance has written strongly against this rights issue by Chip Eng Seng & advises all minority shareholders to vote against all resolutions in 13 Sep EGM
“if the EGM resolutions are passed, the controlling shareholders stand to receive about $1 million to carry out this rights issue that will likely allow them to increase their shareholdings beyond 30% without triggering the mandatory general offer. This seems like a case of having your cake and eating it too.”


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