Wednesday 17 Apr 2024
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KUALA LUMPUR (March 27): Shareholders of Classita Holdings Bhd, formerly known as Caely Holdings Bhd, have approved the company’s proposed rights issue comprising the issuance of up to 965.4 million shares and 579.2 million detachable free warrants in the company.

According to a bourse filing, the Perak-based lingerie maker said the resolution was passed at its extraordinary general meeting (EGM) on Monday (March 27).

A total of 23 shareholders who collectively hold 197.08 million shares (representing 78.26% of voting shares) voted for the rights issue, while 20 shareholders holding 54.74 million shares (21.74% of voting shares) voted against.

The EGM was held after five shareholders last week failed in a legal attempt to block the company from convening the EGM, as the injunction application was dismissed by the court.

The five shareholders who filed the injunction application are Datuk Seri Tee Yam, Datuk JP Low Kok Chuan, Leow Boon Kin, Zhang Jia and former executive chairwoman Datin Seri Jessie Wong Siaw Puie.

They collectively own 67.2 million shares or a 19.82% stake in the company. Tee Yam is the largest shareholder among the five, holding 49.38 million shares or a 14.57% stake.

Besides Tee Yam, Classita’s other substantial shareholder is the company’s largest shareholder Chan Swee Ying with 90.03 million shares or a 26.55% stake.

The injunction application was filed in their lawsuit against Classita, where the five are seeking the court’s permission to initiate legal action on behalf of Classita against the group’s board members as well as a vendor.

They alleged breach of fiduciary duties, fraud, unjust enrichment and conspiracy to injure the group in relation to Classita’s acquisition of shares in Kepayang Heights Sdn Bhd and other related transactions.

Classita last year proposed to pay RM17 million for a 3.4% stake in Kepayang Heights, which owns a land in Bentong, and consented to pay RM1.5 million to subscribe to 97.14% of the company’s enlarged issued share capital.

In January, Classita proposed the rights issue to raise between RM30 million and RM96.54 million to fund a mixed property development project on Kepayang Heights’ land bank.

The rights issue entails the issuance of five rights shares for every two existing shares held, together with three warrants for every five rights shares subscribed for.

The rights issue shares issue price has been fixed at 10 sen apiece, while the exercise price of the warrants is set at 20 sen each.

Shares in Classita ended unchanged at 15.5 sen, giving the company a market capitalisation of RM50.19 million. The counter is trading at its lowest since April 2020.

Edited ByLam Jian Wyn and Adam Aziz
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