Novena shareholders reject takeover bid

Apr 29, 2004
The Straits Times

AN ATTEMPT by Sesdaq-listed Novena Holdings to acquire a 56.1 per cent stake in fellow second-board company Green World Holdings, via a share swap, has fallen through after Novena's shareholders voted against the plan.

At an extraordinary general meeting yesterday, Novena independent shareholders - which excluded Mr Toh Soon Huat, Ms Lee Kek Choo, Mr Seah Hock Thiam, Mr Ivan Chong Hon Kuan and their associates - voted against the deal which would have resulted in making a general offer for Green World.

Those excluded from voting were considered interested parties in the deal, which was announced in January.

Under the proposal, Novena would issue 37 million new shares in exchange for 37 million Green World shares held by Mr Seah Hock Thiam, Ms Lee Poh Choo and Mr Han Chick Juan.

These three investors already own 4.98 per cent of Novena and the deal would have raised their joint interest to 34.99 per cent of Novena's enlarged capital.