80% Maika shareholders take offer

INDIAN, ONCE AGAIN BEEN SHORT-CHANGED BY SAMY VELLU & HIS MIC.

WILL INDIANS OR MIC MEMBERS EVER TRUST MIC AGAIN?

G Team Resources & Holding Sdn Bhd today said that 80 percent of Maika Holdings Bhd shareholders have taken its offer.

It also made an appeal to the more than 9,000 shareholders who have yet to respond to the offer to come forward.

G Team Resources, a firm owned by port tycoon G Gnanalingam (left), has offered 80 sen for each Maika share to shareholders, payable in cash.

The offer was based on the original investment of Maika shareholders of RM100 million and 25 million bonus shares received in 1996.

In a statement today, it confirmed that the actual number of shareholders was 58,000 and not 66,000 as reported earlier.

“This was due to some of the shares being held by individuals, corporations and cooperatives on behalf of the shareholders,” it said.

Among the shareholders who did not respond to the offer, G Team, through the assistance of the National Registration Department, identified that 5,351 shareholders had passed away while 2,163 were not traceable and 11,000 shareholders have had changed their addresses.

Subsequently, G Team wrote to the 11,000 shareholders out of which 1,092 shareholders replied.

"Of this number, only 400 said they are holding on to the shares and are hesitating to come forward while the rest said they have no knowledge of the share certification," it explained.

Besides that, a total of 6,600 offer letters sent earlier to shareholders were returned due to change of address or shareholders having shifted elsewhere.

It said this will be the final call to shareholders, who have not yet responded, failing which it will proceed with a court order to deem the shareholders as non existent.

- Bernama