PETALING JAYA: United Malacca Bhd
has announced that its executive director Datuk Seri Tee Lip Sin has passed away at the age of 55.
In a filing with Bursa Malaysia, the company said Tee started his career as an executive at Prosper Capital Holdings Sdn Bhd in 1995 and subsequently rose to the rank of executive director.
Among the positions Tee held until his demise include group managing director of Prosper Group and a director of Prosper Capital Holdings Sdn Bhd, a major shareholder of United Malacca Bhd; director of PRL Global Ltd, a listed company in Australia; director of Phosphate Resources (Malaysia) Sdn Bhd and Phosphate Resources (Singapore) Pte Ltd (companies in the fertiliser businesses) as well as director positions of several private companies in plantation and milling businesses.
The development comes two days after United Malacca announced a mandatory general offer at RM6.10 per share by Prosper Trading Sdn Bhd, Kim Tee and Cheng Hua, following Prosper Trading’s acquisition of a 13.44% stake from Great Eastern Life Assurance (Malaysia) Bhd for RM171.93mil.
