Tey sells shares, ceases to be Protasco shareholder

No more shareholding: Tey sells 3.45 million Protasco shares.

PETALING JAYA: Datuk Tey Por Yee has ceased to be a shareholder in construction and property group Protasco Bhd.

A filing with Bursa Malaysia yesterday showed that Tey offloaded 3.45 million shares at an undisclosed price.

Shares in Protasco yesterday closed 6 sen higher to RM1.77 with 2.96 million shares changing hands.

Tey, who is also a former non-executive director, emerged as a substantial shareholder in the company in November 2012.

Tey was involved in a Protasco Bhd boardroom tussle, which saw him together with director Ooi Kock Aun voted out of the board at an EGM in 2014. At that time Tey owned about 17% stake in Protasco.

His removal from the board came after allegations of a questionable investment in an Indonesian oil and gas company.

In January this year, Tey was charged with cheating and perjury involving RM68mil over Protasco’s failed US$22mil (RM68.3mil) acquisition of Indonesia’s oil and gas firm PT Anglo Slavic Indonesia

He pleaded not guilty to inducing the board members of Protasco between November 2012 and Jan 30, 2014, to agree to the acquisition of PT Anglo Slavic in which he had undisclosed vested interest.

He also pleaded not guilty to committing perjury by making a false statutory declaration that he had no interest in the Indonesia-based company on July 25, 2014.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Business , Protasco , Tey Por Yee


Next In Business News

Top read business stories from July 19 to 24
French lawmakers approve bill to tackle fourth wave of coronavirus
Lynas quarterly revenue hits record
Some Americans could need COVID-19 vaccine booster -Fauci
RBC Bearings near deal to buy ABB's transmission unit
Maybank goes flexi
Record profits and blockbuster dividends: Here come the miners
Aemulus to gain from China semiconductor boom
New RGT plant to start operations next year
The Week Ahead - Export data, GDP, PMI, FOMC

Stories You'll Enjoy