SHAREHOLDERS are still waiting for a clear statement from Ming Pao Enterprise Corporation explaining what is going on at the company where the main shareholder appears to be trying to sell in what might involve a change in ownership of the company.
Last Wednesday chairman Peter Oei Hong-leong boldly forecast the name of the buyer of the strategically important stake would be known by the time of the company annual general meeting, yesterday. We did not get the name.
Instead the company issued a statement saying Mr Oei had quit as chairman because of the pressure of his corporate commitments elsewhere. He is to remain as a non-executive director. We are told consideration is being given to who should replace Mr Oei as the company chairman.
Mr Oei took the chairman's seat last year after former chairman Yu Pun-hoi was forced to resign following revelations about his criminal past.
After auditors questioned the recoverability of certain loans at the company in August it was revealed Mr Yu had decided to sell his stake in the firm.
On September 7 the company said Tiong Hiew King, founder of the Malaysia-based Rimbunan Hijau Group (RHG) in Sibu, Sarawak, was interested in buying shares.
