Main > Latitude Tree scraps private placement plan
25-11-2002: Latitude Tree scraps private placement plan
By Joseph Chin, 7.48pm 02:40PM (27-11-2002)
Furniture maker, Latitude Tree Holdings Bhd is not proceeding with its proposed private placement of up to 10 per cent of the paid-up capital. In a statement on Nov 25, the company said it failed to obtain the shareholders' approval at the AGM on Nov 5. At the AGM, shareholders blocked the furniture company's proposal to place out the 10 per cent stake to Bumiputera businessman Datuk Samsudin Abu Hassan. Latitude Tree had earlier proposed to make the private placement of up to 10 per cent of its paid-up capital or 6.1 million shares to Samsudin at RM1.50 each.
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