Templeton Strategic Emerging Markets Fund, a minority shareholder in Boto International Holdings, has urged fellow investors to reject a proposal to sell-off Boto's core business. Fund director Mark Mobius said Templeton would reject the plan to extract the most valuable parts of Boto and place them into a private company in which existing management would participate. 'We hope that all current shareholders realise the potential and value of Boto's artificial Christmas-tree and outdoor furniture businesses. Both of these businesses have been growing at a healthy pace,' Mr Mobius said. 'Our recent research in the United States market indicates that the expected slowdown of orders from large retailers is not materialising and the business outlook should be good for Boto. We especially like the outdoor furniture business and its growth potential. 'As current shareholders, we hope these core businesses remain part of the listed entity going forward. We urge other shareholders, large and small, to vote against this transaction. We also urge the Boto directors and management to reject this proposal.' Investment commentator David Webb, the editor of Webb-site.com and a Boto shareholder, believed minority shareholders are likely to win the battle, given only 34 per cent of shares held by the public could vote during the independent shareholders meeting to approve the deal. Boto shares yesterday rose 1.69 per cent. Boto last week said would sell its Christmas-tree and leisure furniture business for HK$1 billion to a company 70 per cent-owned by US-based Carlyle Group, one of the world's biggest private equity investors. Boto said it would switch its focus to animated computer graphics, a start-up business it entered 18 months ago that has yet to generate revenue.