IGB’s Robert Tan joins Goldis board

[Cals]

IGB’s Robert Tan joins Goldis board

KUALA LUMPUR (Dec 8): Goldis Bhd ([You must be registered and logged in to see this image.] Financial Dashboard), which recently succeeded in raising its stake in IGB Corp Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) to more than 51%, has appointed Datuk Seri Robert Tan Chung Meng to its board yesterday.
In a filing with Bursa Malaysia yesterday, Goldis said Robert was appointed as executive director.  
He is the group managing director of IGB. Prior to that, he was a joint managing director of IGB since 1995.
Meanwhile Pauline Tan Suat Ming, Robert's sister, has resigned as director due to other personal commitments.
It is worth noting that Robert, along with his two other siblings, Pauline and Tony Tan Choon Keat collectively and indirectly own some 30% of Goldis via several investment vehicles, according to the company's latest annual report.
Based on Goldis’s financial year 2013 annual report, its two substantial shareholders as at March 31, 2014 wereTan Chin Nam Sdn Bhd (TCN) and Tan Kim Yeow Sdn Bhd (TKY).
The two companies are controlled by the children of IGB's co-founder the late Datuk Tan Kim Yeow and their cousins.
Pauline and Robert are two of Kim Yeow’s children.  
The annual report showed that TCN was the single largest shareholder with a 19.48% direct stake and 19.84% indirect interest respectively in Goldis. TKY meanwhile had a 10.52% direct stake and indirect interest at 18.83%.
Apart from Robert's appointment, Tan Boon Lee was redesignated as executive director from non-executive previously. Daniel Yong Chen-I was appointed as director and Lee Chaing Huat as independent non-executive director.
Boon Lee is Robert and Pauline’s younger brother.
Yong is Pauline’s son. He is also an alternate director to Pauline in IGB.  
To recap, Goldis had in July launched a takeover offer for IGB, offering RM2.88 cash per share to acquire all the remaining IGB shares it did not own.
Although Goldis’ offer was deemed unfair and not reasonable by independent adviser RHB Investment Bank, the offer became unconditional, having received valid acceptances amounting to a 20.15% stake as at Oct 17, 2014, raising its total holding of IGB shares to 51.26% from 31.11%.
Goldis's takeover offer of IGB had garnered acceptance of 42.22% of shareholding in the property company at the final closing date on Nov 6. This means as at Nov 6, Goldis had 73.32% interest in IGB, which operates The Gardens and Mid Valley Megamall.
The group had said it would retain IGB as a listed entity on Bursa Malaysia.
Shares of Goldis closed 2 sen or 0.82% lower at RM2.24, giving it a market capitalisation of RM1.48 billion.
Meanwhile IGB closed 2 sen lower at RM2.78, for a market cap of RM3.7 billion.