Published: Thursday February 7, 2013 MYT 4:57:00 PM
Updated: Thursday February 7, 2013 MYT 10:24:57 PM
Lee Kim Yew offers RM25m as goodwill package to make peace with MSWG (Updated)
By Leong Hung Yee
KUALA LUMPUR: Tan Sri Lee Kim Yew, the founder of Country Heights Grower Scheme (CHGS), wants to make peace with the Minority Shareholder Watchdog Group (MSWG) and is willing to offer RM25mil as a “goodwill package”.
The RM25mil is about a 12% net yield payment that MSWG is seeking over the voluntary termination of the CHGS.
“I am making this (RM25mil) in my own personal capacity. We don't pay out dividends because this scheme is a trust. But out of goodwill, in my personal capacity, I will fork out RM25mil if the resolution passes through tomorrow (Friday),” Lee told a briefing after his meeting with MSWG on Thursday.
He stressed that the goodwill package would be offered should the resolution to terminate the scheme was passed by the growers.
“If the resolution is passed, then growers will need to convene another meeting to decide whether to take the money offered,” Lee said.
To recap, MSWG had on Monday facilitated a forum to discuss the proposed termination of the CHGS.
As a result, some 60-odd growers had made a counter proposal seeking a 12% dividend payment, 10% of the capital to be returned in one month and the remaining portion in six months' time.
The management company of CHGS, Plentiful Gold-Class Bhd, had initially proposed the termination of the scheme due to its inability to deliver the dividend payout on the stipulated date, Feb 14, 2013.
Plentiful Gold-Class would need 75% approval from investors attending the general meeting in person or by proxy.