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Yeebo shareholders support restructure

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A restructuring designed to lift beleaguered liquid-crystal display maker Yeebo (International Holdings) out of trouble has received overwhelming support from shareholders.

The recapitalisation plan was under threat from the company's ex-chairman, Makie Hui Po-yuen - being sued by Yeebo for fraud - who tried to gather support from shareholders to block the proposal and return control of the company to him.

Non-executive director Kenneth Fang Hung told a special general meeting yesterday: 'Yeebo's shares have been suspended for 15 months.

'With this proposal, we hope Yeebo's business can be continued and that trading of its shares can be resumed in May.' The meeting moved some way towards resolving one of the main stumbling blocks for the restructuring - the exact size and nature of Mr Hui's stake in the company.

According to the Securities (Disclosure of Interests) Ordinance, Mr Hui owned 36.37 per cent of Yeebo, much of which was pledged to Citibank, Liu Chong Hing Bank and Chow Tai Fook Jewellery to secure loans both for himself and the company during his chairmanship.

In the restructuring document, Yeebo's directors said they could not verify the exact number of shares Mr Hui held, but that based on the latest information they could obtain, his holding was about 9.17 per cent.

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