Tiger Synergy’s EGM passed despite concerns raised by Substantial Shareholder Safari Alliance Sdn Bhd

Tiger Synergy Berhad (“Tiger Synergy” or “the Company”) wishes to announce that the shareholders have approved its proposed renounceable rights issue of up to 1.1 billion new ordinary shares in the company (“Rights Shares”) together with up to 1.1billion free detachable warrants in the company (“Warrants D”) on the basis of 3 Rights Shares together with 3 free Warrants D for every 4 existing shares held by the entitled shareholders of the company on an entitlement date to be determined during the Extraordinary General Meeting (“EGM”).

The approval of the proposal will help to raise funds of up to RM44.1 million for its existing and future property development projects. During the EGM meeting, a significant majority of the shareholders who collectively hold 762.3 million shares or about 68.4% of the company’s shares have approved the proposal.

The management is also pleased that the EGM has helped to address and clarify some of the concerns and issues raised by Safari Alliance Sdn Bhd (“Safari”), which is a substantial shareholder of Tiger Synergy. Safari has posed some of these questions prior to the EGM via an article entitled “Tiger Synergy must reveal financial transactions before another fundraising exercise, says Safari Alliance”, published by New Straits Times on 27 July 2021 and during the meeting itself.

“We’re happy that the majority of the shareholders continue to place their trust in the management of the company. We’re glad that we managed to answer some of the questions raised during the EGM, which help to enlighten some of our shareholders. We believe this understanding has helped with the approval of the proposal made.

It has been a challenging time for the company and the country amidst the impact of COVID-19. Families’ lives have been lost while the country has suffered significant economic losses. We will continue to take proactive measures to engage with our shareholders and endeavour to continue using our best efforts to steer the Group through these difficult and extraordinary times caused by the ongoing pandemic,” the spokesperson of the company said. 

This content is provided by Aegis Communication Sdn Bhd.

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