TGOFFS (7228) : 'Dislike' - TGOFFs
A group of minority shareholders has claimed that the company’s acquisition of an office building in Birmingham requires shareholders’ nod, contrary to the company’s claim it did not needs such approval.
The company spent rm58 million to purchase the Birmingham property. The deal exceeds the maximum 25% threshold and requires TGOFFs to seek shareholders’ approval.
Earlier it had also terminated a proposed asset injection exercise that would have resulted in the company owning a fleet of marine vessels.
Besides this, the MACC is believed to be looking at the company’s acquisition of the remaining 49% stake worth rm34.3 million in Gas Generators Sdn Bhd in Oct 2013.
Instead of diversifying into the property business, it perceives the asset acquisition in the in the UK to be a commercial transaction that would enable it to hedge against currency depreciation. With this in mind, it entered into a put and call option agreement with HB Properties Plc on May 23 2014 to require the latter to purchase all shares in 7 New Market Holdings for 7 million pound.
Listed on ICAP Secutireis and ISDX, HB Properties is involved in real estate investment and development in the UK and SEA. On Aug 2014 the counter was suspended from trading due to delay in submitting its financial statements.
TGOFFs has an order book of rm200 million.
http://hongwei85.blogspot.com/
A group of minority shareholders has claimed that the company’s acquisition of an office building in Birmingham requires shareholders’ nod, contrary to the company’s claim it did not needs such approval.
The company spent rm58 million to purchase the Birmingham property. The deal exceeds the maximum 25% threshold and requires TGOFFs to seek shareholders’ approval.
Earlier it had also terminated a proposed asset injection exercise that would have resulted in the company owning a fleet of marine vessels.
Besides this, the MACC is believed to be looking at the company’s acquisition of the remaining 49% stake worth rm34.3 million in Gas Generators Sdn Bhd in Oct 2013.
Instead of diversifying into the property business, it perceives the asset acquisition in the in the UK to be a commercial transaction that would enable it to hedge against currency depreciation. With this in mind, it entered into a put and call option agreement with HB Properties Plc on May 23 2014 to require the latter to purchase all shares in 7 New Market Holdings for 7 million pound.
Listed on ICAP Secutireis and ISDX, HB Properties is involved in real estate investment and development in the UK and SEA. On Aug 2014 the counter was suspended from trading due to delay in submitting its financial statements.
TGOFFs has an order book of rm200 million.
http://hongwei85.blogspot.com/
