Feuding factions in Tan Chong Consolidated agree to settle

PETALING JAYA: The feuding factions in Tan Chong Consolidated Sdn Bhd (TCC) have reached “a compromise and settlement agreement’’ on how they will split up their shareholdings in three listed companies.

In separate statements to Bursa Malaysia yesterday, Tan Chong Motor Holdings Bhd, Warisan TC Holdings Bhd and APM Automotive Holdings Bhd said their common controlling shareholder TCC would progressively release a portion of their stocks to the “exiting minority shareholders” of TCC.

TCC will retain at least 33% of the shares in the three listed companies with a right of first refusal to acquire any shares that the exiting minority shareholders “may subsequently choose to dispose of.’’

The Tan Chong group, which is mainly involved in the motor vehicle sector, was founded by Tan Sri Tan Yuet Foh and his uncle Datuk Tan Kim Hor.

Kim Hor and his sons left Tan Chong in 2004 following an acrimonious family feud. Yuet Foh’s son Datuk Tan Heng Chew and his family were reported to control a 55% stake in TCC, while Kim Hor’s family owns 45%.

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