GP Industries gets shareholder approval to undertake any business, activity and transaction

GP INDUSTRIES garnered the support of a majority of shareholders at an extraordinary general meeting on Monday (Dec 4) to alter the objects clause and adopt a new constitution.

This grants the company full capacity to undertake any business, activity and transaction.

These special resolutions aside, GP Industries also had approval from shareholders to distribute the 483.8 million shares it holds in GP Energy Tech to shareholders.

The distribution in specie will be carried out on a pro rata basis of one GP Energy Tech share for each ordinary share in the capital of GP Industries, disregarding fractional entitlements.

The player in the fields of battery solutions and acoustics and electronics, as well as industrial investments, published the results of this meeting in a bourse filing on Monday.

In its circular published earlier, an altered objects clause was said to give GP Industries the flexibility afforded by section 23 of the Companies Act so as to adapt to the “rapidly changing business environment”, the company stated.

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It, however, sought to assure shareholders that it would still need to comply with the Companies Act and the listing rules in its conduct of business.

The counter closed S$0.015 or 2.4 per cent higher at S$0.64 on Monday, before the results of the meeting were filed to the bourse.