Metro fends off activist investor eyeing its cash holdings
It says it expects net cash to decline due to capital-intensive property unit, in response to hedge fund Quarz's call for special dividend
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Singapore
PROPERTY and retail group Metro Holdings said cash in its coffers targeted by an activist investor comes fresh off recent sale of properties, and that the capital is expected to be pumped into new investments.
Metro was responding on Tuesday to an open letter in October from hedge fund Quarz Capital Management, which called for a special cash dividend from the company.
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