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1/7/2014 Chai says he does not have controlling stake in Harvest Court Industries - Business News | The Star

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Chai says he does not have controlling stake in Harvest Court Industries
by wong wei-shen
Chai (left) at the press conference yesterday.
PETALING JAYA: Datuk Eddie Chai, who is seeking a board seat of Harvest Court Industries Bhd in a
brewing boardroom tussle, has denied owning a controlling stake in the company directly or through
He also denied knowledge of Kenneth Vun, a former corporate figure in IT companies, having a stake in
Harvest Court as alleged by its current managing director and chief executive officer Datuk Raymond
In a press conference yesterday, Chai said he was taken aback by Harvest Courts announcement last
week alleging that he (Chai) and Vun were teaming up to oust Chan and that they had more than 34% in
the company but did not want to undertake a mandatory general offer (MGO).
Chai said he only had 19.41% in Harvest Court through his private vehicle Zenith City Investments Ltd and
did not have influence over any amount of equity other than that stated.
He claimed the announcements were false, defamatory and malicious and that they were allegedly
designed by the board of directors led by Chan to defame and injure him as well as being a flimsy reason
to deny Zeniths rights as a shareholder.
Chai, who is also the group managing director of XOX Bhd, claimed that Zenith had merely proposed to
appoint him and two other directors to Harvest Courts board as well as inject property development
projects into the company.
1/7/2014 Chai says he does not have controlling stake in Harvest Court Industries - Business News | The Star Online
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The other two directors proposed by Zenith are Wong Kwai Wah and Datuk Seri Abdul Azim Mohd Zabidi.
The latest development is in contrast to Harvest Courts statement on June 10 stating that Chai had told
Chan that he proposed to remove several existing directors in the company and that he had influence of
between 33% and 34% of the shares in the company.
According to Harvest Courts filings, on May 9 Chai had met Chan and expressed his interest to take
control of the company. Chai had allegedly told Chan that he, Zenith and other third parties collectively
held 33% to 34% stake in Harvest Court and was looking to circumvent the mandatory general offer.
In the announcement by Harvest Court, Chai had allegedly informed Chan that he had the support of Vun
who had another 10% stake in Harvest Court.
I do not own a single share in Harvest Court ... my interest is held through Zenith, Chai said.
Chai said he would be filing a RM100mil suit against Harvest Court and its board of directors for what he
claimed was a defamatory statement issued to Bursa Malaysia last month. This is in addition to an earlier
suit that Chai had filed against the company on June 10.
On the property development projects that he intended to inject into Harvest Court, Chai clarified that the
assets, which have a gross development value of roughly more than RM1bil, were not owned in his
personal capacity.
The assets belong to another company, but Chai declined to elaborate.
He said most of the projects comprised residential developments in the Klang Valley.
He was positive that the property development projects could generate profits that could help turn around
loss-making Harvest Court.
Harvest Court will hold its AGM this Friday, which will see Chan up for re-election.
We will have a clearer picture after the AGM. We will see what happens then before taking the next step,
he said.