Unico asked to consider listing

KUALA LUMPUR: A group representing minority shareholders of Unico Holdings Bhd yesterday urged its board of directors to consider listing the company on Bursa Malaysia to give better returns to all its shareholders.

Alternatively, the board could consider a reverse takeover of a company on Bursa Malaysia," said K.K. Chow, a spokesman for the minority shareholders, at a press conference here. "The time is now ripe for Unico to consider such an exercise as there are many listed companies that need capital or business injection," he said, adding that a merchant bank could be called to provide independent advice on the viability of such a proposal.

Chow, who is also a minority shareholder of Unico, said the company's directors should discharge their responsibility that they publicly announced three years ago to list Unico instead of using the company's funds for property development, which may have an element of risk.

He stressed that listing the company would provide shareholders with better returns and to realise their investments made some 20 years ago.

Chow claimed that the shares of Unico were estimated to worth about RM3.50 a share currently but shareholders had no means to sell their shares at that level because of the company's non-listed status except to sell them back to the company at a lower value of around RM1.80 per share.

Asked whether it would be possible to requisition an extraordinary general meeting to get the directors to initiate the listing proposal, he said it could be an arduous task. - Bernama

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