China tycoon puts spoke in CIT wheel?
Tong Jinquan could have withheld support as Cambridge fails at AGM to secure mandate for issue of new units
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Singapore
UNITHOLDERS of industrial landlord Cambridge Industrial Trust (CIT) shot down on Friday a fairly common proposal to let the trust manager issue new units to raise funds, in what analysts said was the first such rejection in recent memory.
The proposal likely had not received the backing of one of the trust's biggest shareholders, Chinese property tycoon Tong Jinquan, based on poll results from the trust's annual general meeting (AGM) that were disclosed in a Singapore Exchange filing.
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