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The controlling shareholder of Nipper holds 64% of the company and almost the entire revenue of Nipper is from the controlling shareholder's affiliated companies. Whatever written below is my own conspiracy theory and speculation.
Nipper will be a provider to these companies for their stationery and sourcing of waste paper etc. As it is merely a feeder company, Nipper will only make small profit otherwise mostly losses. When it needs to exit SGX's watch list, Nipper' controlling shareholder just needs to increase the price it pays to Nipper through the affiliated companies for Nipper to "get out of jail".
So what can minority shareholders do to break this conspiracy? Mount a takeover; but Nipper's controlling shareholder controls 64%. To read more about IPT, i strongly suggest reading the kingboard thread, as D.O.G has written a good explanation of the issue
Nipper will be a provider to these companies for their stationery and sourcing of waste paper etc. As it is merely a feeder company, Nipper will only make small profit otherwise mostly losses. When it needs to exit SGX's watch list, Nipper' controlling shareholder just needs to increase the price it pays to Nipper through the affiliated companies for Nipper to "get out of jail".
So what can minority shareholders do to break this conspiracy? Mount a takeover; but Nipper's controlling shareholder controls 64%. To read more about IPT, i strongly suggest reading the kingboard thread, as D.O.G has written a good explanation of the issue