KUALA LUMPUR: Lii Hen Industries Bhd announced it had received a letter of demand from the solicitors of Tsunami Capital, alleging that the latter was unfairly oppressed by Lii Hen at the 20th annual general meeting on June 17.
In the announcement to Bursa Malaysia, Lii Hen
said the allegation was “baseless and unfounded”, and said it is seeking legal advice before responding to Tsunami Capital.
Lii Hen was in the limelight earlier this year after a fire wiped out RM3.6 million of its stock and fixed assets, which was compensated by an insurance claim of RM6.2 million.
Its share price jumped from RM1.60 in early January to a multi-year high of RM2.75 last Friday. It slipped four sen or 1.46% yesterday, closing at RM2.70, giving it a market capitalisation of RM162.0 million.
This article first appeared in The Edge Financial Daily, on October 15, 2014.