"However, after due and careful evaluation and consideration, it was decided not to proceed with the said investment," says FOPM.
FOPM, whose main business now is to make print cylinders and supply chemicals, is controlled by chairman David Teo Kee Bock, better known for running Super Coffee.
The company will be holding an EGM on July 21 to get shareholders' approval to bring on board a new substantial shareholder.
Lim Ah Cheng, reputed in the market for turning around Dyna-Mac Holdings, plans to invest 10 million new shares at 45 cents each, which will give him a 16.7% stake.
See also: KSH raises $8.67 million placing out treasury shares at 30.5 cents each
FOPM shares last traded at 73 cents, which means Lim will be in the money instantly if shareholders give the go ahead.
