SINGAPORE (June 11): Catalist-listed Asiatic Group (Holdings) is defending the viability of its power plant investments amid criticism from some minority shareholders that the plants have been mismanaged and that the financial terms are questionable.

In his open letter to Asiatic’s board dated May 9, Jerry Low Chin Yee, who previously led the revolt against the management of Sabana Shari’ah Compliant Real Estate Investment Trust, said the series of power plant investments had soaked up capital and destroyed shareholder value.

In its response on June 4, the company maintains that operating conditions had been weighed down by external conditions, but even then, Asiatic had remained profitable in the last five years.

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