The Store's 130 million Saga!

Let me repeat what was published on the Star Newspaper, The Store to pay MD’s firm RM130mil for shopping mall

• The Store to pay MD’s firm RM130mil for shopping mall
  
  By KATHY FONG
  
  PETALING JAYA: The Store Corp Bhd managing director Datuk Seri Tang Yeam Soon is expected to pocket at least RM130mil cash as shareholders passed a resolution to acquire a shopping mall from him at yesterday’s EGM.
  
  In addition, Tang may also receive debt repayments soon since The Store will assume the inter-company loan totalling RM43.9mil when the retail group buys out Jurus Kota Sdn Bhd (JKSB), the investment holding company of Alor Star Mall.

Sounds terrible no? If I were a shareholder, I would surely had voted against such a resolution!

And sadly, a lot of shareholders were extremely disappointed at what has transpired!

• “There were lots of issues raised at the meeting ... honestly speaking, the minority shareholders were not satisfied but they were defeated at the EGM,” Minority Shareholders Watchdog Group head of client service Lee Leok Soon told reporters after the EGM.
  
  Lee said some minority shareholders were not comfortable with the proposed acquisition, which was a related party transaction.
  
  Some minority shareholders questioned the rationale for The Store, which is involved in retailing business, to spend such a big sum to purchase a shopping mall that was near to the residential areas, he added.
  
  Minority shareholders had even called StarBiz to express their unhappiness and disappointment.

Another sad day for the minority investors!