Frankly Speaking: IOI Properties Still in Sticky Conflict of Interest Position
Frankly Speaking: IOI Properties Still in Sticky Conflict of Interest Position
The potential COI emerged as Yeow Seng, who controls IOI Properties with his brother Datuk Lee Yeow Chor, in June offered to sell Singapore company Shenton 101 Pte Ltd (which is privately owned by Yeow Seng) to IOI Properties.Last Thursday, IOI Properties Group Bhd (KL:IOIPG) announced that it had received a letter dated Nov 6 from its CEO and major shareholder Lee Yeow Seng to retract a proposal related to the redevelopment of Shenton House in Singapore that would have been deliberated upon by its shareholders at an extraordinary general meeting scheduled for the same day.
上周四，IOI物业集团（KL:IOIPG）宣布，其首席执行官兼大股东李耀生于11月6日发来信件，要求撤回一项与新加坡尚顿大厦重新开发相关的提案，该提案将于同日的临时股东大会上进行审议。
According to the developer, Lee decided to withdraw the proposal after considering, among others, "feedback from various institutional shareholders" on the matter. Among those who raised objections was the Employees Provident Fund which, as at Nov 5, had a 7.741% stake in IOI Properties.
开发商表示，李在考虑到“各机构股东的反馈”后决定撤回该提案。提出反对意见的其中一方是员工公积金，截至11月5日，员工公积金在IOI物业中拥有7.741%的股份。
As a result, "Lee wishes to reconsider the options available to address the potential conflict of interest (COI) position and plans to engage further with the institutional shareholders to constructively address their concerns," IOI Properties said.
因此，IOI物业表示，“李希望重新考虑可用的期权，以解决潜在的利益冲突（COI）问题，并计划进一步与机构股东积极沟通，以建设性地回应他们的关切。”
The potential COI emerged as Yeow Seng, who controls IOI Properties with his brother Datuk Lee Yeow Chor, in June offered to sell Singapore company Shenton 101 Pte Ltd (which is privately owned by Yeow Seng) to IOI Properties.
潜在的利益冲突出现，因为李耀生与其兄弟拿督李耀超共同控制IOI物业，今年6月提议将新加坡公司尚顿101私人有限公司（该公司为李耀生私有）出售给IOI物业。
Last November, Shenton 101 won a tender to redevelop Shenton House in the city's central business district into a commercial development with a bid of S$538 million (RM1.8 billion).
去年11月，尚顿101中标，将位于市中心商务区的尚顿大厦重新开发，为商业开发出价53800万新币（约合18亿马币）。
The proposed acquisition will align the interests of IOI Properties and Shenton IOI and mitigate a potential COI situation.
拟议的收购将使IOI物业与尚顿IOI的利益保持一致，并缓解潜在的利益冲突情况。
However, on Aug 28, IOI Properties' board decided not to accept the offer due to its ongoing capital commitments. Nevertheless, the board (with the exception of the Lees) agreed to enter into management agreements to develop the project.
然而，在8月28日，IOI物业的董事会决定不接受该提议，原因是其正在进行的资本承诺。不过，董事会（除李氏兄弟外）同意签订管理协议以开发该项目。
Then, on Sept 18, Yeow Seng requested a shareholders' meeting to get their consent to be engaged in a business that is in competition with IOI Properties, as required under Section 218 of the Companies Act 2016.
然后，在9月18日，李耀生请求召开股东大会，以获得他们的同意，参与与IOI物业竞争的业务，这符合2016年公司法第218条的要求。
The 11th hour move to retract the proposal may have been a tactical one to avoid it being rejected, given the concerns raised by the institutional shareholders. Yeow Seng has up to the first quarter of 2027 to reconsider the options and "address concerns held by all relevant stakeholders" as redevelopment work is scheduled to commence then.
在最后时刻撤回提案的举动可能是一种策略，以避免因机构股东提出的担忧而被拒绝。Yeow Seng有直到2027年第一季度的时间来重新考虑期权，并"解决所有相关利益相关者的担忧"，因为再开发工作计划在那时开始。
Will he succeed? Meanwhile, the issue will hang over IOI Properties.
他能成功吗？与此同时，这个问题将悬而未决于IOI地产。
