S i2i's latest proposed deal sparks shareholders' dissent

Singapore

MAINBOARD listed S i2i, already facing heat from a group of shareholders for lacking an effective plan to pull itself out of the Singapore Exchange's distressed company list, has once again earned the ire of the same disgruntled group, this time over its most recent corporate action.

That the latest development is unfolding merely two days after S i2i held a dialogue session with shareholders on Monday to provide updates on the company's affairs could underscore the extent of shareholders' disenchantment over the company's lack of a worthy strategic path to bolster its financial standing.

"We are of the firm belief that the corporate action announced on April 4 (Tuesday) will destroy shareholder value in lowering the proforma net tangible asset backing per share, while hindering or delaying genuine actions which can e…