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.”
vested