trending Market Intelligence /marketintelligence/en/news-insights/trending/IdnIVl0nFTUVPDzNdEZQ5g2 content esgSubNav
In This List

Chagala's planned capital increase suspended by court

Blog

Japan M&A By the Numbers: Q1 2022

Blog

Global M&A by the Numbers: Q2 2022

Blog

SEC Climate Disclosure Requirements Heating Up: How to Take Action

Blog

Infographic 2022 Top Tech Trends Shaping Corporations


Chagala's planned capital increase suspended by court

Chagala GroupLtd.'s planned capital increase was suspended following ashareholder's court appeal.

The Eastern Caribbean Supreme Court in the Commercial Divisionof the High Court of Justice of the British Virgin Islands suspended theplacing and open offer until Oct. 27.

TIPP Investments PCC filed a claim against the company andits board members alleging that the planned capital increase of approximatelyUS$5.8 million would prejudice its rights as a shareholder, among otherreasons.

A hearing for the shareholder's claim is also scheduled forOct. 27.

Chagala plans to appeal the suspension, which it believeswas granted without reasonable basis, on the grounds that it was not granted anopportunity to present its full submissions to the court. A hearing onChagala's appeal is expected on or before Sept. 30.