Renowned corporate figure Koh Boon Hwee is better known as the former chairman of a slew of Singapore’s largest government-linked companies, such as Singtel, DBS Group Holdings and Singapore Airlines.

In addition, he is the long-time chairman of the Securities Industry Council, which administers the Take Over Code. The code ensures that M&A deals here are conducted in accordance with good business practice for the fair and equal treatment of all shareholders.

Yet, in recent months, Koh finds himself in an unfamiliar situation, facing grouses that his privatisation offer for the middling precision plastic engineering company, Sunningdale Tech, which he chairs, is a lowball. The offer was made via an entity called Sunrise Technology, jointly held by Koh and private equity firm Novo Tellus. And with Novo Tellus chairman Loke Wai San being an independent director (ID) of Sunningdale since 2018, that is additional fuel for the dissatisfied investors.

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