Best World International says a group of shareholders who had on March 21 requested for an EGM to be held have on April 1 withdrawn their requisition letter.
In its announcement via SGX, Best World did not indicate the reason why.
Even so, this group of shareholders, who collectively own more than 10% of the company, have reserved their rights to issue another requisition letter down the road.
As such, Best World will not take further action for now regarding the requisition.
According to Best World in its previous announcement on March 22, this group of shareholders are taking issue with the remuneration of the directors, and they want to oust the three independent directors now on the board.
In addition, they want the company to appoint an independent financial adviser to help gauge an appropriate level of dividends that ought to be paid, given how Best World has refrained from doing so even though it has a cash balance of $574 million as at Dec 31 2023.
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As indicated by Best World then, this group of shareholders are willing to work towards a "common ground".
Separately, Best World had on March 22 announced plans to launch a selective capital reduction exercise so that the existing controlling shareholders can privatise the company.
Best World shares closed at $2.18 on April 1, up 2.83% for the day, and has gained 14% since the selective capita reduction plan was announced.
