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.
上週四，IOI Properties Group Bhd（KL: IOIPG）宣佈，它已收到其首席執行官兼主要股東李耀成於11月6日發出的來信，要求撤回與新加坡申頓大廈重建有關的提案，該提案本應由其股東在定於當天舉行的特別股東大會上審議。
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.
據開發商稱，李在考慮了有關此事的 「各機構股東的反饋」 等後，決定撤回該提案。提出異議的人中有僱員公積金，截至11月5日，該基金持有IOI Properties7.741％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 Properties表示：「李希望重新考慮解決潛在利益衝突（COI）立場的現有選擇，並計劃與機構股東進一步接觸，建設性地解決他們的擔憂。」
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.
隨着與兄弟拿督李耀初共同控制IOI地產的Yeow Seng在6月提出向IOI Properties出售新加坡申頓101 Pte Ltd（由耀生私人擁有）的Yeow Seng提出將新加坡公司Shenton 101 Pte Ltd（由耀成私人擁有）出售，潛在的COI出現了。
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，申頓101贏得了將位於該市中央商務區的申頓大廈重建爲商業開發項目的招標，出價爲5.38億新元（18令吉）。
The proposed acquisition will align the interests of IOI Properties and Shenton IOI and mitigate a potential COI situation.
擬議的收購將使IOI Properties和Shenton IOI的利益保持一致，並緩解潛在的COI情況。
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.
但是，由於其持續的資本承諾，IOI Properties董事會於8月28日決定不接受該提議。儘管如此，董事會（Lees除外）同意簽訂管理協議以開發該項目。
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.
然後，在9月18日，Yeow Seng要求召開股東大會，徵得他們的同意，根據2016年《公司法》第218條的要求從事與IOI Properties競爭的業務。
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.
鑑於機構股東提出的擔憂，在第11個小時撤回該提案的舉動可能是策略性的，目的是避免該提案被拒絕。Yeow Seng必須在2027年第一季度之前重新考慮這些選項，並 「解決所有相關利益相關者的擔憂」，因爲重建工作計劃於那時開始。
Will he succeed? Meanwhile, the issue will hang over IOI Properties.
他會成功嗎？同時，這個問題將困擾IOI Properties。
