December 02, 2008

Natsteel attempting again to change name

Digital Journal Staff reported that TATA Steel’s Singapore Exchange listed Natsteel Ltd is trying to change is name for the seventh time since 2004. The company has scheduled an extraordinary general meeting on October 16th 2007 to approve a special resolution to rename itself NSL Ltd.

The report added that all previous attempts to rename the company have been rebuffed by prominent investor Mr Oei Hong Leong who holds a 29.99% stake. The name change requires a 75% supermajority. The last attempt to change the name was at an extraordinary general meeting in April, when the proposal garnered 62%.

According to The Business Times the saga stems from the sale of its core steel business to TATA Steel in late 2004. The former steel business, now under TATA, trades at NatSteel Asia.