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CIMC stands its ground on Pteris RTO

Opposing director Winston Tan wants five board members removed, claims takeover terms unattractive

Published Fri, Apr 18, 2014 · 10:00 PM

Singapore

THE Chinese group behind a contentious reverse takeover (RTO) involving Pteris Global has put its foot down on the terms of the deal, against claims by a Pteris director that the current proposal undervalues the firm.

China International Marine Containers (CIMC) Group - the largest shareholder of Pteris - said yesterday that it would not engage in "any further negotiations to change the terms of this legally binding agreement".

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