VIBROPOWER Corporation already supplies power generators to quarters in the real estate sector, and competition is intense and margins are thin, the company's founder Benedict Chen has said, firing back at claims by a shareholder looking to oust him.
The shareholder is Alex Chng who, together with his cousin Lim Eng Tiong, is looking to boot out all of VibroPower's three directors including Mr Chen, and appoint himself and two others to the board at an extraordinary general meeting on Nov 9. Mr Chng has claimed that he and his proposed board can do a better job, particularly by leveraging his experience and network in the real estate sector to sell more power generators to developers. His family business, PIP Marketing, has had a hand in several private property developments here,But in a letter of representation on Friday, Mr Chen said that VibroPower"already supplies hotels, factories and condominiums with generators".
In addition, Mr Chen pointed out that the company does not supply directly to developers. Instead, it deals with contractors engaged by end-users, such as government agencies.
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