Sime Bank minority shareholders win legal suits

  • Business
  • Wednesday, 02 Apr 2003

Sime Darby Bhd told the KLSE yesterday that the High Court has decided in favour of the 23 minority shareholders of Sime Bank Bhd. 

The minority shareholders had filed two legal suits against the company and its wholly- owned subsidiary, Sime Darby Financial Services Holdings Sdn Bhd. 

The minority shareholders had sought a declaration that Sime Darby and its subsidiary had a legal duty to acquire their stakes in Sime Bank totalling 6,685,406 shares at RM6.46 each. 

They had also sought damages for breach of the said legal duty and costs. 

“However, the quantum of damages and costs to be awarded to the plaintiffs (the minority shareholders) has yet to be assessed and will be the subject matter of further hearings,” Sime Darby said in its statement to the exchange. 

The statement added that the financial effects of the judgment on Sime Darby's earnings or net tangible assets for the financial year ending June 30, 2003, would not be known until the quantum of damages and costs to be awarded had been determined. 

“The board of directors is taking legal advice and considering an appeal against the decision,” it added. 

According to consensus estimates of 21 research houses polled by Multex, Sime Darby is expected to post a net profit of RM860.8mil for the current financial year. 

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