Tsunami Capital accuses Lii Hen of being unfair

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KUALA LUMPUR (Oct 14): Lii Hen Industries Bhd announced it received a letter of demand from the solicitors of Tsunami Capital, alleging the latter was unfairly oppressed by the conduct of the company at the 20th Annual General Meeting held on June 17.

In the announcement to Bursa Malaysia, Lii Hen said it viewed such allegation as “baseless and unfounded” in its filing, and is currently seeking legal advice before responding to Tsunami Capital.

Lii Hen was in the limelight earlier this year, regarding a fire incident that wiped out RM3.6 million of its stock and fixed assets, which was compensated by an insurance claim of RM6.2 million.

Lii Hen share price has jumped from RM1.60 in early January to multi-year high of RM2.75 last Friday (Oct 10). It slipped four sen or 1.46% today, closing at RM2.70, giving it a market capitalisation of RM162.0 million.