Sea Ltd - ADR

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Equity Investments, Equity Financing / Related

Sea Ltd Proposes To Amend Articles To Increase Voting Power Of Each Class B Ordinary Share

Published: 01/04/2022 10:17 GMT
Sea Ltd - ADR (SE) - Proposes to Amend & Restate Currently Effective Memorandum and Articles of Association to Increase Voting Power of Each Class B Ordinary Share.
Tencent & Affiliates Submitted Irrevocable Notice That It Will Convert Class B Shares Held Or Beneficially Owned by It to Class A.
Upon Conversion, All Outstanding Class B Ordinary Shares Will Be Beneficially Owned by Forrest Li, Co's Ceo.
Tencent Agreed With Forrest Li to Terminate Its Proxy With Li, Dated Sept 1, 2017.
After Changes, Remaining Class B Shares Owned by Li Are Expected to Represent 57% of Voting Power.
After Changes, Tencent's Voting Power in Company is Expected to Be Less Than 10%.
New Articles to No Longer Require Class B Ordinary Shares Beneficially Owned by Li to Be Subject to Automatic Conversion Post Proxy Termination.
Board Recommends a Vote "for" Special Resolution; Board Has Fixed Close of Business on January 14, 2022.