Under the plan, each Advanced Holdings shareholder would receive a cash distribution of 23.2 cents, in a bid by the company to reduce its capital and account for the accumulated losses of more than $15 million as at Dec 31 2022 over the years.
Wong Kar King, managing director and controlling shareholder of Advanced Holdings (SGX:BLZ
) , voted against a capital reduction and cash distribution plan, as he was mulling a potential investment.
The proposed investment came about after the company's board put forward the proposal and before the EGM was held on Sept 29.
