ST Forum 7 Nov 06
REFER to the response by Ms Koh Ching Ching of OCBC to the disquiet
among minority Robinson shareholders about the recent sale of 29.9
per cent to Lippo at $7.90 ('OCBC's divestment in shareholders'
interest'; ST, Nov 2).
We are disappointed as it seems this arrangement benefits no one
except OCBC.
I am no expert in finance but a few pertinent questions are left
unanswered.
Notwithstanding the fact that Credit Suisse was its financial
adviser, could not OCBC, as the owner of this sought-after block of
Robinson shares, have specified that this block of 35.96 per cent
be sold as a block, and not carved up as did happen?
We cannot blame Lippo nor any other prospective buyer for acquiring
less than the 30 per cent which would have triggered a mandatory
general offer.
Any buyer would have done the same if given the choice.
We, the minority shareholders, expected some protection from the
independent directors and even OCBC, which we always thought would
look after everyone's interest.
Unfortunately, we have been proved wrong.
I will be selling my Robinson shares.
Dr Huang Shoou Chyuan
Big Fish eat Small Fish and Small Fish eat Shrimps