KUALA LUMPUR (Feb 9): Euro Holdings Bhd’s former group managing director and major shareholder Datuk Seri Steven Lim Teck Boon disposed of another 2.38% stake in the furniture maker, trimming his equity interest in the group to 40.84%.
Teck Boon and his father Datuk Lim Chaw Teng’s investment vehicle SPA Furniture (M) Sdn Bhd sold 30.5 million shares on Feb 7, slashing its shareholding to 522.56 million shares or a 40.7% stake of the group’s base.
This came days after SPA Furniture offloaded another block of 30.5 million shares on Feb 2 for RM2.14 million.
Besides the 40.7% stake in Euro via SPA Furniture, Teck Boon owns another 1.78 million shares or 0.14% directly.
In the three months since Teck Boon’s resignation as Euro’s group managing director back on Nov 1 last year, SPA Furniture has disposed of an aggregate 85 million shares or a 6.62% stake in Euro.
It is also worth noting that just days after Teck Boon’s departure from Euro’s board, he, together with the group (defendants) were sued by Surian Creation Sdn Bhd for RM19.29 million.
Surian Creation claimed that the defendants purportedly conspired by “seizing full control” over Surian Creation and then using the company to obtain banking facilities to be used for the benefit of the defendants.
“The company categorically denies any impropriety alleged/insinuated by Surian Creation through the action. In this regard, the company will engage legal counsel to defend the company against the action filed by Suria Creation,” Euro said.
“The company’s position is that the alleged claims made by Surian Creation are vexatious, frivolous and without merit," the group added.
Shares in Euro ended unchanged at seven sen on Friday, giving the group a market capitalisation of RM89.87 million.