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http://www.straitstimes.com/business/activist-investor-targets-international-healthway
Bourse filings show that Mr Low and Oxley boss Ching Chiat
Kwong, who hold stakes of 7.11 per cent and 19.14 per cent
respectively in IHC, had been picking up IHC shares since
prices fell off a cliff last September when the Singapore
Exchange uncovered that a few individuals trading among
themselves were behind most of IHC's total traded volume
since April.
"Savvy investors have taken notice and have been building up
their stakes at distressed valuations," said Quarz.
Quarz portfolio manager Havard Chi said that he had been in
contact with Mr Low but that the Quarz report was independent
from them.
Meanwhile, IHC executive director Angeleca Lim said that the
board is studying the recommendations put forth by Quarz.
"Most of the recommendations are not new and the board and
management of IHC have from time to time discussed and
considered similar alternatives," she told The Straits Times in
an e-mail.
"IHC will continue to evaluate and adopt workable plans that would enhance the company's value. Quarz's
assertion that a change of the entire board will drive better shareholder value is speculative," she added.
Last month, IHC co-founder Jong Hee Sen, who holds a 1.06 per cent stake in IHC, resigned from the board,
saying that he could not effectively act as a director given the shareholder tussle.
Last October, Quarz targeted Metro Holdings in an open letter, calling for the property development and
investment firm to pay out a special dividend.
Metro rebutted that its strong net cash position was a recent occurrence due to divestments, and its business
remains capital intensive
Marissa Lee
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http://www.straitstimes.com/business/activist-investor-targets-international-healthway