Challenger's exit offer too low, say minority shareholders

Challenger Technologies chief marketing officer Loo Pei Fen and chief executive Loo Leong Thye. The company said on March 20 that it intends to delist from the Singapore Exchange.
Challenger Technologies chief marketing officer Loo Pei Fen and chief executive Loo Leong Thye. The company said on March 20 that it intends to delist from the Singapore Exchange.ST PHOTO: KELVIN CHNG

They aim to gather 10 per cent bloc vote to oppose price of 56 cents a share

Minority shareholders of Challenger Technologies are crying foul over what they claim is a cheapskate offer price to buy their stock so the information technology retailer can delist.

Among them is Singapore-based fund management company Pangolin Investment Management, which strongly advised shareholders over a week ago to reject the exit offer of 56 cents a share at an upcoming extraordinary general meeting.

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A version of this article appeared in the print edition of The Straits Times on April 03, 2019, with the headline 'Challenger's exit offer too low, say minority shareholders'. Print Edition | Subscribe