Two fail to make GO despite control

  • Business Premium
  • Friday, 18 Mar 2011

PETALING JAYA: The controlling shareholders of Nylex (M) Bhd and TRC Synergy Bhd had failed to undertake mandatory general offers despite obtaining control of these companies last year, the Securities Commission (SC) said in its annual report.

The SC said these shareholders and parties acting in concert were found to have breached the creeping provisions in the Malaysian Code on Takeovers and Mergers by acquiring more than 2% of the voting shares in the two affected companies within a period of six months.

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