Cheng to sell shares in Lion to minority holders, BUSINESS TIMES

Business Times (Malaysia), September, 2000 by Lee Siew Lian

Business Times (Malaysia) 09-12-2000 AN OPPORTUNITY has emerged for minority shareholders of Lion Corp Bhd facing a sizeable dilution of their interests to avoid the eventuality - but at a price. Tycoon Tan Sri William Cheng is offering to sell some new shares he will receive as part of the Lion group's complicated restructuring scheme announced in July.

But at RM2.74 each, these shares are being offered at a hefty premium to the stock's price which is currently at a 15-month low of RM1.65, meaning the 3-for-4 offer may turn out to be little more than a gesture. Still, Cheng's move to sell shares in his flagship company to minority shareholders, among them businessman Mirzan Mahathir, may reduce some of the pressure to provide them with a...