Khazanah denies taking stake in Inari
KUALA LUMPUR: Sovereign wealth fund Khazanah Nasional Bhd yesterday denied a report that it is investing in Inari Amertron Bhd.
Two days ago, Business Times quoted Singapore-based UOB Kay Hian's investor note to its tier one clients that Inari is placing out a 20 per cent stake to Khazanah in exchange for a stake in SilTerra Malaysia Sdn Bhd, a wafer fabrication facility that is 98 per cent owned by Khazanah.
In response, Khazanah spokesperson issued a statement of denial.
"The news report attributed to a stock broker note on Khazanah taking a 20 per cent stake in Inari in exchange for a stake in SilTerra is false and baseless," it said.
Inari vice-chairman Dr Tan Seng Chuan, too, denied market talk to that effect.
"I am not aware of such news (Khazanah taking up a 20 per cent stake in Inari) and as far as I am concerned, the board of directors have not been approached by Khazanah," he said after the company's shareholders' meeting, here, yesterday.
Shareholders had earlier approved of Inari establishing a share option scheme for eligible employees. They had also allowed amendments to company's articles of association to speed up transfer of the group's listing from ACE Market to the Main Market.
Inari chief executive officer Lau Kean Cheong, who was also present, said the company remains committed to a payout of up to 40 per cent of net profit to shareholders.
He said this when asked if the employees share option scheme could affect the group's dividend policy.