TODAY'S HEADLINE
VIZ BRANZ FOUNDER DENIES POSSIBLE SALE OF HIS STAKE 
This puts spotlight on his son, who is also a substantial shareholder  Control over 24'year'old instant cereal and beverage maker Viz Branz could now move out of family hands because of still'unresolved di'erences between father and son. Chng Khoon Peng, the founder and an executive director of the company, has denied he is the substantial shareholder involved in a possible share sale to a third party, which may or may not result in a general o'er for the rest of the company's shares.

This leaves the eldest of his four children, group managing director Ben Chng Beng Beng, as the only other possible seller of the shares. The possible share transaction was announced earlier this week by Viz Branz, which said the approach by a third party for a substantial shareholder's shares may or may not lead to a general o'er. The o'er is on a non'binding basis, meaning that it is not con'rmed that any de'nite transaction will take place.

It is unclear who the third party is, or how many shares are involved in the transaction. The younger Chng could not be reached yesterday. Asked by BT about the possible sale, the elder Chng, who is in China, said in Mandarin: "I wish to clarify that I am not the substantial shareholder referred to in the announcements or articles. "I am not sure who he (the younger Chng) is selling to. In fact, I wasn't even aware or informed of this sale by my fellow board members.

"He can sell, he doesn't need to talk about it with me. But I don't know his motive. I am not on speaking terms with him." The elder Chng currently holds the largest stake in the company, at 38.25 per cent. The younger Chng holds a 35.89 per cent stake in the company as at the end of June, following settlement of a long' running father'son feud which involved the transfer of 15 per cent of the company's shares from son to father.

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Source: The Business Times

Source: AmFraser