AA Group identifies mysterious shareholder that sold stake to Haitong
Add BT as a preferred source
Michelle Quah
DeeperDive is a beta AI feature. Refer to full articles for the facts.
AA Group announced on Wednesday that it has finally received some information that has allowed it to identify the mysterious shareholder which sold its stake to Haitong International Financial Products (Singapore) Pte Ltd.
AA Group had announced on May 30 that Haitong had become a substantial shareholder of the company. However, it also said that it had not been able to identify the shareholder which sold its stake to Haitong, as it has "not received any disclosures from other substantial shareholders of the company in relation to their change in interest or their ceasing to be a substantial shareholder of the company".
AA Group has since issued updates, saying it has been taking steps to determine the identity of the shareholder.
On Wednesday, it announced that it had on July 15 "received information from Haitong that has allowed the company to identify the former substantial shareholder who had failed to disclose his/her change in interest and/or cessation to be a substantial shareholder of the company".
It did not, however, name or identify the shareholder in its announcement but said that it has referred the matter to the Monetary Authority of Singapore for investigation.
AA Group had announced earlier this week that it had received two statutory demands and one letter of demand from an alleged creditor, over financing agreements allegedly signed on its behalf by Kenneth Lim Tiong Hian, the executive chairman and acting chief executive officer of Epicentre Holdings, who has been said to be uncontactable since May 24.
Navigate Asia in
a new global order
Get the insights delivered to your inbox.
AA Group said Mr Lim "is not and has never been a director, officer or employee of the company or any of its subsidiaries", and that it "did not authorise Mr Lim to enter into the agreements on its behalf". It added that it has made a police report and is currently seeking legal advice on the matter.
Epicentre Holdings has itself received statutory demands from three creditors, and is said to be seeking legal advice and trying to come up with a workout plan.
Copyright SPH Media. All rights reserved.
TRENDING NOW
‘Boring’ is the new black: The stars are aligning for a Singapore stock market revival
Near sell-out launches in March boost developer sales to 1,300 units after four slow months
China pips the US if Asean is forced to choose, but analysts warn against reading it like a sports result
Genting Singapore’s Lim Kok Thay receives S$7.5 million pay package for FY2025
