PLUS buyout deal goes through despite small "ruckus"

  • Business
  • Wednesday, 23 Feb 2011

PETALING JAYA: PLUS Expressways Bhd received approval from its shareholders on a RM23bil takeover bid by major shareholder UEM Group and the Employee Provident Fund (EPF) despite a small ruckus followed by a walkout of minority shareholders.

A relatively big group of minority shareholders stormed out of an ongoing PLUS' extraordinary general meeting Wednesday afternoon claiming procedural irregularities, shouting their displeasure to those outside including members of the media.

The minority shareholders were shouting for a “boycott” of the “illegal” EGM while walking out from the hall.

PLUS' ancillary police were immediately seen at the doors of the hall following the walkout by shareholders in protest.

Senior independent non-executive director Tan Sri K. Ravidran who chaired the EGM denied there were procedural irregularities as claimed by minority shareholders.

“We did everything within the legal ambit of whatever we had to do,” he said.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Next In Business News

CPO futures likely to see technical correction next week
Evergrande says six execs redeemed investment products in advance
Infineon opens Austria plant early in chip capacity boost
Indonesia may reopen to tourists from some countries in October
Airbus reaches deal to restructure AirAsia jet order
Oil price falls as storm-hit US supply trickles back into market
World shares fall as markets await Fed meeting, taper timeline
Gadang’s subsidiary bags RM100mil deal
Big sales jump for EcoWorld Malaysia in Q3
The 18th entry

Stories You'll Enjoy