Securities Commission today voiced that Sime Darby Bhd need not to have a General Offer (GO) to a remaining shareholders after its 30% merger of E&O last month. It is subsequent a 33% holding, where imperative GO has to be made.
What intrigues many in this case is that, how about 'Insider Trading'?
Is SC creation any investigations upon this?
The deal is so dodgy. E&O Chairman Dato' Azizan Abdul Rahman has been shopping shares during several stages of negotiations, not usually with Sime Darby though with alternative parties also. Azizan also is a great crony of Kalimullah "Riong Kali" Hassan as well as they have served together in a same house in an additional plc once.
Riong K! ali's diversion in this is an additional story. First, he is believed to have tried to use his attribute with DAP tranquil Penang via Chief Minister Lim Guan Eng to ask Singapore's Temasek to 'pressure' a shareholders to sell their holdings in E&O to a 'DAP friendly' party similar to ECM Libra. Hence, a dinner in Singapore upon twelve August that was part of Lim's channel to Singapore. Of course, Riong Kali denied.
Then again, Riong Kali did distortion ! once .
Then they increased holdings of E&O as well as failed try to get two of their own in to a house of a acquired company. Needless to say that a four lawyers they 'sent' to the 'orchestrated AGM'were written to either do a 'corporate manoeuvre d'etat or if they fail, afterwards do a disaster of teh whole statutory process.
What should be engaging is their subsequent move. Riong Kali maximised his connectors inside of a media to 'pressure' for a GO. Now with 6.5% land as well as no house member, what will be next. They have mislaid their ! possibility o f aggregating RM 155 million from this GO move.
A lot at stake here. This merger already created doubts of a state of corporate governance as well as those who are ostensible to regulate a industry. This is a exam case either SC Chairman Tan Sri Zarinah Anwar would demonstrate her professionalism as well as allow for an just investigation of an insider trading in this acquisition, where her husband Azizan sits as a Chairman of E&O. Azizan's role in a whole merger episode also is a great story upon its own.
In a past, there has been hanky panky when this is about a duo. Even it was raised in Parliament. Still no anwers. This contingency not be great for Prime Minister Dato' Seri Mohd. Najib Tun Razak's administration, policies, approaches as well as even attitude. The SC as a regulator by government is under very tighten watch here in this episode.
We would be blissful to take up bets for this one.
- bigdogdotcom
Malaysians Must Know a TRUTH
No comments:
Post a Comment