ST Forum 7 Nov 06
REFER to the response by Ms Koh Ching Ching of OCBC to the disquiet among minority Robinson shareholders about the recent sale of 29.9 per cent to Lippo at $7.90 ('OCBC's divestment in shareholders' interest'; ST, Nov 2).
We are disappointed as it seems this arrangement benefits no one except OCBC.
I am no expert in finance but a few pertinent questions are left unanswered.
Notwithstanding the fact that Credit Suisse was its financial adviser, could not OCBC, as the owner of this sought-after block of Robinson shares, have specified that this block of 35.96 per cent be sold as a block, and not carved up as did happen?
We cannot blame Lippo nor any other prospective buyer for acquiring less than the 30 per cent which would have triggered a mandatory general offer.
Any buyer would have done the same if given the choice.
We, the minority shareholders, expected some protection from the independent directors and even OCBC, which we always thought would look after everyone's interest.
Unfortunately, we have been proved wrong.
I will be selling my Robinson shares.
Dr Huang Shoou Chyuan
Big Fish eat Small Fish and Small Fish eat Shrimps