Nazmi ups ante for control of Tiger Synergy

Privately-held Hayat May yesterday bought 4.5 million
Tiger Synergy shares, boosting Datuk Mohd Nadzmi Mohd Salle’s indirect
and deemed direct interest in the developer to 10.12 per cent.




KUALA LUMPUR: Datuk Mohd Nadzmi Mohd Salleh has upped the ante
in a battle of wills for control of Tiger Synergy Bhd by snapping up
shares of the property developer, less than five trading days after it
was reported that he was no longer its substantial shareholder.

The purchase was done via privately-held Hayat Maya Sdn Bhd, in which Nadzmi is the controlling stakeholder.

Hayat
Maya yesterday bought 4.5 million Tiger Synergy shares, boosting
Nadzmi’s indirect and deemed direct interest in the developer to 10.12
per cent.

On the average, Hayat Maya had 32.9 sen for every
Tiger Synergy share it bought, helping the stock to close 2.5 sen
higher at 35 sen yesterday.





Tiger Synergy made the cessation of shareholder announcement on Thursday last week when Hayat Maya sold 215,000 warrants at 20
sen each.

Reports
that Hayat Maya was no longer its substantial shareholder set tongues
wagging that the battle for the property developer was a hoax created
by syndicates to ramp up its share price.

On Monday, Tiger
Synergy, in another announcement to Bursa Malaysia, clarified that
Hayat Maya had disposed of its entire 215,000 warrants in the open
market and thus ceased to be a substantial warrant holder of the
property developer, but still remains its substantial shareholder.

“I
do not believe that we were a substantial shareholder of the warrants.
We only had 215,000 warrants,” said a spokesman for Hayat Maya.

To be a substantial warrant holder, a person must own a minimum five per cent of the warrants.

Tiger
Synergy has issued 80 million warrants which expire on August 2015. The
warrants can be converted into mother shares at a strike price of 20
sen each.

Since Nadzmi’s entry into Tiger Synergy in November
last year, more than 46 million of the warrants have been converted
into mother shares.

Nadzmi is a former chairman of Proton
Holdings Bhd and the controlling stakeholder of Nadicorp Holdings Sdn
Bhd, a private group with interest in textiles, coach building,
properties,
agriculture and public transportation business.

The
conversion of the warrants itself netted Tiger Synergy some RM9.2
million in cold cash, while placement of 30 million new shares brought
in another RM10 million.

"The statement to the stock exchange
last week has expedited our plans, though it has always been our
intention to accumulate Tiger Synergy shares," said the spokesman.

He added that the firm was stonewalled in its plan to force an emergency shareholders meeting.

Business Times understands that Hayat Maya wants Tiger Synergy's
company secretary to provide the register of members so that it can
write officially to all the shareholders about the plan to have an
emergency shareholders meeting to remove the developer's existing
directors.

Hayat Maya wants shareholders to remove Tiger
Synergy's managing director Datuk Tan Wei Lian and four other
directors, and appoint Nadzmi, Datuk Abdul Azim Mohd Zabidi and Abdul
Rahim Abdul Rahman as directors.

"We have knocked on so many
doors, from the Minority Shareholders Watchdog Group to the Securities
Commission. We're keeping our fingers crossed that the meeting will be
held. Shareholders should be allowed to vote. They deserve to determine
what is the best bet for the firm," he said.