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Minority shareholders block Lafarge Malaysia's RM3.5 bil RPTs with YTL

Tan Xue Ying
Tan Xue Ying9/24/2019 10:37 AM GMT+08  • 3 min read
Minority shareholders block Lafarge Malaysia's RM3.5 bil RPTs with YTL
KUALA LUMPUR (Sept 24): Lafarge Malaysia Bhd’s (LMB) minority shareholders voted down a resolution that would have allowed the group to undertake recurrent related party transactions (RPTs) worth an aggregate RM3.51 billion ($1.16 billion), with its new
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KUALA LUMPUR (Sept 24): Lafarge Malaysia Bhd’s (LMB) minority shareholders voted down a resolution that would have allowed the group to undertake recurrent related party transactions (RPTs) worth an aggregate RM3.51 billion ($1.16 billion), with its new controlling shareholder YTL Cement Bhd.

Only 23.96%, representing 22.07 million shares, voted in favour of the resolution at an extraordinary general meeting (EGM) here yesterday, while 76.04% or 70.03 million shares voted against it, LMB’s filing with Bursa Malaysia showed.

The Yeoh siblings — Tan Sri Yeoh Sock Ping, Datuk Seri Yeoh Sock Siong, Datuk Yeoh Seok Kian, Datuk Yeoh Seok Hong and Datuk Yeoh Soo Keng collectively being interested and common directors in the recurrent RPTs — abstained from voting on the matter.

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