Single-largest shareholder pledges RM30m investment in Seacera

Seacera Group Bhd’s single-largest shareholder, Datuk William Tan Wei Lian, who holds over 16 per cent stake, has pledged to invest more than RM30 million in the company to resolve its cash flow and credit liability.

This was in response to the Seacera management’s voluntary announcement to Bursa Malaysia and shareholders to assess and make decision in view of the potential material implications.

Tan said the move was a scare tactic that was uncalled for, citing as of December 31 last year, the company had net assets of about RM838 million and 202.75ha of land with a book value of about RM784 million and free from encumbrances.

“Seacera’s receivables amount to about RM90 million. In addition, it had raised about RM15 million from the issuance of an Employee Share Option Scheme in February and March this year,” he said in a statement yesterday.

Tan said any business owner would know Seacera had stable financials to sustain itself without being declared insolvent.

In the filing, the tile manufacturer said its current management had failed to act in the shareholders’ interest.

“Since the current board of directors are so incompetent, they should voluntarily step down and pave the way for new batch of directors to take over the helm and resolve the company’s financials,” he said.

Tan urged all shareholders to attend the extraordinary general meeting on May 15 at Sheraton Imperial Hotel to remove eight directors.

Six new directors have been proposed and they are Shirley Tan Lee Chin, Rizvi Abdul Halim, Datin Ida Suzaini Abdullah, Clarence Yeow, Chua Eng Chin and Marzuki Hussain.