May 22, 10
11:12amSome shareholders of Maika Holdings are crying foul over the government brokered deal for tycoon G Gnanalingam to take over the controversial holdings for 80 sen per share, which they described as "ridiculously low". Shareholder S Nadarajah said the deal which was announced by G Team Resources recently is like "slapping the dignity" of the shareholders and a fairer more deal would be RM1 per share.
" If this is not fair enough for him, than we want the capital to be paid in the form of shares from Maika Holdings' subsidiary Oriental Capital Assurance Berhad," he added.
Nadarajah (right), said Prime Minister Najib Razak should intervene in the matter personally and appoint a more credible person, preferably business tycoon Ananda Krishnan.
He also said a renowned accountancy firm should be appointed to make sure the shares are properly assessed.Nadarajah also expressed dissatisfaction over the Westports Malaysia execution chairman's idea of donating any financial gains from the deal to an established charity."The money should be given to the shareholders and not to charity. Whose money and who is giving it to charity?," he asked
Nadarajah who was accompanied by three other shareholders also pointed out the lack of proper representation for Maika Holdings shareholders. One of the shareholders present, M Jaya Shanker, said that he is not aware of what is happening in the company as no general meetings had been held over the past three years. Jaya Shanker was also representing his late father who had a total of 600 Maika Holdings shares. According to the conditional deal recently put forward by Gnanalingam's firm, G Team Resources will buy out financially-troubled Maika for RM100 million and pay back the money invested by the 66,000 long-suffering shareholders of MIC's investment arm.Shareholders would be given 21 days to redeem their shares. They would get their offer letters via post and would most likely be asked to submit the share buy-back applications to any CIMB Bank branch nationwide
Source from : http://www.malaysiakini.com/news/132448
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