Tey Por Yee ceases to be substantial shareholder in Protasco

by **Cals** Fri 22 Apr 2016, 04:40

Tey Por Yee ceases to be substantial shareholder in Protasco

By Meena Lakshana / theedgemarkets.com | April 21, 2016 : 6:29 PM MYT

KUALA LUMPUR (April 21): Former director of Protasco Bhd, Datuk Tey Por Yee, has ceased to be a substantial shareholder in the infrastructure outfit, after disposing of 3.45 million shares of the company.

A filing with Bursa Malaysia today showed Tey had ceased to be a substantial shareholder on March 28, after selling the shares.

According to a separate filing, Tey disposed of 1.9 million shares on March 24 and 635,500 shares a day later. After the disposal, Tey held a 5% stake or 16.9 million shares in the company.

The transacted prices were not disclosed.

Tey was embroiled in a boardroom tussle with managing director Datuk Seri Chong Ket Pen in late 2014, after being accused of misleading the company by entering into an oil and gas investment agreement with PT Anglo Slavic Utama, through the purchase of 63% of PT Anglo Slavic’s shares in Indonesia, worth US$22 million (RM68.39 million).

In January this year, Tey claimed trial to two charges at the Sessions Court, the first of which is fraud involving RM68 million, and the second, for making a false declaration four years ago.

He is accused of concealing information from the company’s board of directors and officers, that he had a vested interest in PT Anglo Slavic Utama and had made a sworn false statement before Wern Li Morsingh, a commissioner for oaths, in which he had stated he did not have any vested interests in PT Anglo Slavic Utama, whether as a director or shareholder.

Tey, 40, has been on a divestment spree ever since.

He ceased to be a substantial shareholder in Practice Note 17 (PN17) company Malaysia Pacific Corp Bhd (MPCorp) in March, after disposing 650,000 shares in the company, leaving him with 14.35 million shares or 4.99% stake from a 5.21% stake in MPCorp, since mid-July 2014.

Tey has also ceased to be a substantial shareholder in Nexgram Holdings Bhd, the company he had founded, after a series of disposal and transfer of shares to his younger brother, Tey Por Chen.

According to subsequent Bursa Malaysia’s filings by Nexgram, Tey had on Feb 15, disposed of two million shares or 0.11% stake in the company, and has transferred a total of 197.62 million shares or about 10.50% stake to Tey Por Chen between Feb 16 and Feb 19 this year.

Subsequently on Feb 24, Tey sold a 22.96% stake or 30.6 million shares in Ire-Tex Corp Bhd, a corrugated packaging services provider, to Por Chen, and he ceased as substantial shareholder.

Based on Ire-Tex’s 2014 annual report, Tey owns 32.52 million shares or 24.67% stake, ranking him as the single largest shareholder as at April 30, 2015.

In September last year, he sold 1.9 million shares, tuning down his stake at 23.16% or 30.62 million shares.

Meanwhile, Tey had on Feb 25 this year, sold his entire 21.34% stake or 24.82 million shares in Asdion Bhd to Por Chen, through an off market transaction, with an undisclosed transacted price.

Protasco shares closed 6 sen or 3.51% higher at RM1.77 today, for a market capitalisation of RM593.14 million.