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Second-largest shareholder of Asiatic sends letter to company’s sponsor

Sharanya Pillai Published on Wed, Jul 18, 2018 / 7:47 PM GMT+8

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SINGAPORE (July 18): Asiatic Group (Holdings) is facing a litany of questions from some disgruntled shareholders, ahead of its annual general meeting on July 26.

Brian Chang, the second-largest shareholder has sent a letter to its sponsor raising questions on the company’s management of its power plant business. Chang owns a 13.3% stake in the Catalist-listed company.

In a letter dated July 18 and addressed to Lance Tan, the continuing sponsor of Asiatic, Chang writes: “I have received an email communication from a group of shareholders of Asiatic who are seeking clarity and accountability to the affairs of Asiatic. As a shareholder of a 13.3% stake in Asiatic, I strongly share their views in seeking greater clarity and accountability.”