Vincent Tans Shares fall by 9%
Wednesday 27th June 2018
KUALA LUMPUR: Shares of T7 Global Bhd are down 9% in early Wednesday trading following an after-hours announcement by tycoon Tan Sri Vincent Tan Chee Yioun that he will be divesting his entire stake in the company.
The offshore oilfield service provider, is one of the top losers, shedding 9.09%, or 4.5 sen to 45sen with 3.3 million shares traded.
According to filings with Bursa Malaysia, Tan acquired 21 million shares or a 5.03% stake in the company via direct business transactions on May 15.
On May 21, he acquired a further 1.2 million shares in the open market, upping his stake to 22.2 million shares or 5.29%.
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https://content.thestar.com.my/smg/sett ... tame/tags=The investment tycoon said he was selling his stake in the company to distance himself from reports that his interest in the company may be linked to the new government's decision not to cancel the project.
"These news reports are mischievous and appear to imply a sinister link between my acquisition of a substantial stake in T7 Global and the decision of the Pakatan Harapan Government not to cancel the East Coast Rail Line (ECRL) project despite earlier reports to the contrary," he said.
"I believe these news reports and social media comments are intended to embarrass me and the new Government in Putrajaya."
Tan explained that his acquisition of a stake in T7 Global was because the company was well positioned in the oil and gas services industry, and he was acquainted with the major shareholder of the company.
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