Pantai told EPU ‘no change in shareholding’

Malay Mail: THE Economic Planning Unit (EPU) in early October wrote to both Fomema and Medivest to enquire about any changes in their shareholdings, since under their concession agreements they have to be at least 51 per cent owned by Malaysians and 30 per cent Bumiputera.
(Due to the sensitivities of the operations of the concessionaires, the Government has instructed from the outset that both the firms always remain in Malaysian control. But Parkway’s purchases in Pantai, which were done in the open market as well as directly with a shareholder, may have resulted in a breach of that requirement).
Sources said that Pantai company secretary Noel Chua informed Fomema and Medivest that there were no changes in their shareholdings. This was then relayed to the EPU.
However, in a statement to the Singapore Exchange early last month, Parkway said it had classified Pantai as a subsidiary, since it had full board control of the latter, having replaced five of the seven board members with its nominees. As a result, it has gained an indirect, but effective control of both Fomema and Medivest.
Sources also said foreign ownership of the publicly traded firm may have breached the 50 per cent mark, and Bumiputera stake reduced to under 20 per cent.