Public Bank HK unit move shot down

A proposal by Public Bank Bhd's 64.88%-owned Hong Kong-listed financial services unit JCG Holdings Ltd to go private has been shot down by the company's independent shareholders. 

The proposed exercise would have involved a share cancellation and cash return of HK$4.61 for every JCG share held, but StarBiz learnt yesterday that the company had failed to obtain the minimum approval rate of 75% from its independent shareholders for the plan to go through and that more than 10% of the votes cast at a court-ordered meeting were against it.