WAH Nam Group (WNG) says that its main share holders have abandoned plans to enter two option agreements after objections by Australian authorities.
The diversified group said last week that Kuala Lumpur-listed Promet, which holds 16.2 per cent of WNG shares, and another major share holder William Chan Pak-to, had entered into the option agreements.
However, last night, WNG said that the Australian Securities Commission (ASC) had stated that by entering into the option agreements, Promet would be deemed to have a relevant interest in the shares of Investment Australia Ltd (IAL).
The ASC had said that Promet would be breaching Section 615 of the Corporations Law of Australia by acquiring shares in the Australia-listed IAL without approval of IAL share holders at a general meeting.
WNG said that it would convene an extraordinary meeting of IAL as soon as was practical, to gain approval for a restructuring.
In its December restructuring announcement, WNG said that it planned to halve its stake in mainland infrastructure projects and to acquire another listed company to hold them.
