Singapore's Sea plans to reduce Tencent control as it goes global
Proposed share structure change would give CEO Li majority voting power
Forrest Li, founder and CEO of Singapore's Sea, will have overwhelming voting power if a proposed share restructuring is approved that will reduce Chinese shareholder Tencent's voting rights. (Source photos by AP and Reuters)
SINGAPORE -- Singaporean online gaming and e-commerce group Sea plans to reduce the voting rights held by Tencent Holdings, its large Chinese shareholder, as the company aims to expand globally.
In a statement issued on Tuesday, New York-listed Sea said it will propose a share structure change at the upcoming annual general meeting in February, by which Tencent's voting power in the company would be reduced to "less than 10%."