IOI Properties Group rejects CEO’s Shenton 101 offer, signs management deals to mitigate conflict of interest

KUALA LUMPUR, Aug 29 — IOI Properties Group Berhad announced yesterday that its board of directors has decided not to accept the offer from Group CEO Lee Yeow Seng (LYS) to...

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The board, excluding LYS and Datuk Lee Yeow Chor who abstained from the decision, concluded that proceeding with the acquisition would not be in the best interest of the company at this time, it said in a statement yesterday. To manage potential conflicts of interest arising from LYS’s involvement in the redevelopment through Shenton 101, IOIPG has entered into two management agreements with Shenton 101.

The agreements also provide IOIPG with a right of first refusal, giving the Group priority to acquire or match any third-party offer if Shenton 101 or LYS decides to sell any part of the property or their equity interest.

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