New Magnus major shareholder supports current board: CEO
Minority shareholders unhappy with "relentless issuance of convertible notes" seek to oust board at Friday EGM
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Singapore
MINORITY shareholders of Magnus Energy who are trying to oust the company's current directors expect to lose the fight after the surprising emergence of a new substantial shareholder that the company says supports the existing board.
Magnus, an energy equipment and production company, announced on Monday that one Lee Chin Cheh raised his direct and deemed stake to 24.58 per cent by buying 680 million shares, or a 22.14 per cent stake, for S$2.04 million or 0.3 Singapore cent apiece. Magnus shares closed at 0.3 Singapore cent on Tuesday.
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