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Friday, March 29, 2024

Singaporeans deny selling out of Alliance

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It appears that the year-long dispute among shareholders of tuna exporter Alliance Select Foods International Inc. will not be resolved soon, contrary to what was reported in this space on June 29, 2015.

A group of Singaporean investors wrote to deny that they would sell their shares in Alliance Select to the Dee family and another major investor, Strongoak Inc.

Minority shareholders of Bondeast Private Ltd., Victory Fund Ltd. and Harvest All Investment Ltd. said they would not end their campaign to install good governance and transparency and sell-out to controlling interests in the company. 

Albert Hong Hin-Kay and Hedy Chua jointly issued a statement to categorically deny that minority shareholders in Alliance based in Singapore were not in any manner “now considering the possibility of selling shares to the Dee family and another major shareholder, Strongoak, Inc.” 

They also denied that “the parties were now looking at hiring a third party group that would make an independent valuation on the shares.”

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“While it may apply to interests that are in de-facto control of Alliance or the other respondents against whom these minority shareholders have been constrained to pursue criminal and derivative cases on behalf and for the benefit of the company, it is certainly not true of the minority shareholders represented by Dr. Hong and Ms. Chua,” they said.

The Singaporean investors said despite already having been diluted and being under threat of being diluted even further by an increase in capital stock, the would “continue their fight for good governance, transparency and sound management at Alliance.”

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