KUALA LUMPUR: Maika Holdings shareholders are warned not to fall prey to unscrupulous people who want to purchase their shares for 30 sen each, said its chief executive officer S. Vell Paari.

He said these people could make the offer based on a statement by businessman Datuk V.K.K. Teagarajan that a Maika share that was sold at RM1 in 1986 was now selling at 30 sen.

Vell Paari said Maika has RM150mil in gross assets and the Government had been helpful in solving the company’s financial woes with Danaharta.

In a statement here, he said at the company’s annual general meeting last year the board had proposed to sell all assets and distribute the surplus to the shareholders, adding that the company could buy back the shares at a minimum of RM1 each including the bonus shares.

“But the plan was put on hold due to an injunction taken by a shareholder,” he said.

Vell Paari said the High Court would decide on Dec 2 on Maika’s application to hold an Extraordinary General Meeting to approve the resolutions and refund the shareholders.