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VII shareholders reject sale

SHAREHOLDERS in the Simon Lee-chaired Vietnam Industrial Investments Ltd have voted against the proposed $US12 million ($A14 million) sale of its two main assets to NatSteel Asia Pte Ltd, a subsidiary of India’s Tata Steel. The company’s independent directors recommended that shareholders support the Natsteel deal over a last-minute competing offer for the entire company from investment group Prudential and VII’s managing director Henry Lam Van Hung. The independent directors said shareholders should support the NatSteel deal, in part to mitigate against any claims NatSteel may have against the company.

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