A fed up TS Wong sells stakes in Palette and MUI to quell speculation

Wong(pic), who is the substantial shareholder and managing director of MyEG Services Bhd, held insignificant stakes in the two companies with 3.92% in Palette and 0.31% in MUI. Wong said that he disposed of all his shareholding in Palette and MUI because certain media had picked up the information in the annual reports and created a misconception of an impending corporate exercise in the companies

PETALING JAYA: Fed up with his name being associated with stocks that run up significantly ahead of fundamentals, Wong Thean Soon or better known as TS Wong will no longer make passive investments in listed companies.

In a brief-but-clearly worded statement, Wong has distanced himself from Palette Multimedia Bhd and Malayan United Industries Bhd (MUI) – two stocks that have seen their share prices running up in recent weeks on speculation of an impending corporate exercise.