Shareholders stop reverse takeover of Scope Industries

(The Star) – The reverse takeover of Scope Industries Bhd by Matang Holdings Bhd has been called off after shareholders voted against the proposal.

The proposal was tabled and passed by a majority of the shareholders who attended an extraordinary general meeting here on Friday.

One of the shareholders, former MCA vice-president Datuk Donald Lim Siang Chai (picture), said:

“Their main concern is that no valuation is being done on Matang and the four years ruling which prevents them from disposing their shares.

“Anything can happen in the next four years and we don’t want to take any risks,” he said.

He added there could be a possible tender offer for Matang. “This depends on the results of a meeting which will be held by the Matang directors soon,” he said.