Warring UHB factions agree to hold talks

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TWO warring factions of Unico Holdings Bhd (UHB) have finally agreed to put aside their differences and meet up for talks.

Sin Chew Daily reported that 12 founders of UHB had been invited to meet up to recollect the history of the establishment.

Quoting UHB minority shareholders’ leader Tan Kai Hee, the daily reported that those invited included Unico-Desa executive chairman Tan Sri Ngan Ching Wen, the main person who gathered all the sharefolders when UHB was first formed.

“The meeting is just a gathering of old friends,” he said.

According to the daily, the dispute between the two groups ensued after a fight over the ownership of a piece of land in Sabah, supposedly belonging to the Associated Chinese Chambers of Commerce and Industry Malaysia (ACCCIM).

Currently, the land is owned by Unico-Desa, a subsidiary of UHB.

Tan said he and Ngan merely had different stands on the issue and that it was nothing personal.

“I just want to make sure that the interest of minority shareholders is taken care of and that UHB will not fall into the hands of two major shareholders — Ngan and Tan Sri Lim Guan Teik,” he said.

It was reported that Unico Holdings had proposed a capital reduction exercise followed by the distribution of Unico-Desa shares to its 22,200 shareholders on the basis of 2,560 Unico-Desa 25-sen shares for every 1,000 Unico Holdings RM1 shares held.

The scheme was denounced by Tan, who claimed the proposal was detrimental to the interests of minority shareholders.

The Unico Holdings board has since been embroiled in a bitter tussle with Tan.

Tan was granted a High Court injunction to stop Unico Holdings from holding an EGM to pass a resolution on the capital reduction exercise.

> China Press quoted a feng shui master as saying that Oct 10, the date selected for the MCA extraordinary general meeting, was a good day.

“It represents peace and calmness, which can ensure that work will be done smoothly,” said Master Chen Jia Run.

He said the best time of the day was from 9am to 11am while the period between 11am and 3pm was considered bad.

“If there is still no result from the EGM by 11am, the secretariat should wait until 3pm to announce it,’’ he said.