Proposal to sell new shares to Yap family rejected at Lay Hong EGM

KLANG: Shareholders of poultry company Lay Hong Bhd have rejected proposals to sell new shares to managing director Yap Hoong Chai, as well as executive directors Yeap Weng Hong and Yap Chor How, and non-executive director Yeap Fock Hoong.

The Yap family, which founded Lay Hong and still owns 42.7% of the company, has been fighting a takeover bid by agriculture food and poultry giant QL Resources Bhd.