Very sneaky move by the board! I wonder how many shareholders actually picked up this news! Your shares are diluted just for them to play hanky panky with in laws!

BT Investment Capital has sued ILB Group Berhad for oppression following ILB’s announcement to fully fund an RM15.9 million proposed acquisition of nine parcels of commercial land with shop lots via issuance of 37,780,000 new ordinary shares which will dilute existing shareholders’ shareholding.

The new information has revealed that ILB’s executive director and chief executive officer Tee Tuan Sem and the seller Impian Nuri Sdn Bhd’s major shareholders and directors Tan Chek Siong (51%) and Tan Chek Een (19%) are actually extended family related through marriage.

https://www.businesstoday.com.my/2022/08/18/oppression-suit-against-ilb-group-new-information-reveals-land-seller-related-to-ilb-director/