MAS shareholders reject asset sales amid takeover bids

THE shareholders of MAS, the JSE-listed property company that is the target of two takeover bids and shareholder concerns about board governance, on Friday voted against resolutions to sell off the company's central and eastern retail Europe assets.

- EDWARD WEST

MSA's share price fell 3.2% to R22.93 on Friday on the JSE - a year ago the share price traded at R19.21.

The resolutions tabled at an extraordinary general meeting (EGM), which was requested by development partner, potential bidder and shareholder PK Investments (PKI), were not passed by the requisite majority of more than 50% of the shareholder voting rights exercised, a statement to the JSE’s news service said.

The first resolution would have authorised the directors to dispose of all the assets within 5 years, with the overarching aim of maximising returns for shareholders.