PETALING JAYA, 5 June: Tourism and cultural property developer Yong Tai Bhd has denied having links to SV International (SVI), stressing that the local multi-level marketing company is not its major shareholder.
Yong Tai said in a statement yesterday that SVI approached the company and expressed interest in buying its properties in Malacca a few months ago.
“On top of that, SVI said they were interested in buying Yong Tai’s shares (not exceeding 10%). Hence, SVI initiated a signing ceremony event as their marketing gimmick. It wasn’t a media event,” it noted.
Despite the fact that there was no official agreement entered into with SVI thereafter, Yong Tai said, SVI circulated photos taken during the signing ceremony on SVI’s website as well as social media, saying that SVI is a major shareholder of Yong Tai.
Yong Tai also said it is not true that SVI has a share in the Impression City and Impression Melaka projects, which Yong Tai is developing.
— THE SUN