“There is no question of hijacking as alleged by Safari, as it was done in the best interest of the company.”
Following the redesignations, Atta Global's board now comprises eight members, of which five are executive directors and three are independent non-executive directors.
It said the reason for the termination is the breach by the vendor, The Aston Holiday, of certain terms in the sale and purchase agreements (SPAs) whereby the market values of the properties have been devalued as a result of the removal of various fittings, furnishing and/or furniture in and on the properties.
Should the talks fail, Laura Ashley said it will be “considering all options” but denied reports that MUI was planning an immediate cash injection into the group.
Kenanga IB is of the opinion that the offer is "not fair", it is still "reasonable". The takeover will cost Ng a total of RM97 million.
TA Enterprise (TAE) announced to Bursa Malaysia that it is making a conditional voluntary offer to buy out 2.12 billion shares, which is equivalent to a 39.83% stake in TA Global it does not already own. TAE currently owns a 60.17% stake.
In separate filings with Bursa Malaysia, both companies said the trading suspensions are to make way for a material announcement.
MAH president Kamaruddin Baharin said most of the room cancellations are up until the end of this month, with the majority originating from China.