MIC’s Maika to liquidate assets, hopes to return MYR 1 for MYR 1

Posted on September 4, 2007. Filed under: kosong, mic |

Maika Holdings Bhd, the embattled company set up by MIC president Datuk Seri S Samy Vellu to assist the Indian community, will liquidate all its remaining assets within the next three to four months, said its chief executive officer (CEO) S Vell Paari, who is also Samy Vellu’s son.

“We are hoping to give back one-to-one because they (the shareholders) invested a RM1 (per share). We plan to buy the mother shares for RM1 (per share) and we have given 25 million in bonus shares, which will also be bought back at RM1 (per share),” Vell Paari told reporters after the AGM.

Source: The Edge

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