PALETTE CHAIRMAN: MYEG CHIEF’S MOVE ‘UNCALLED FOR’
Wong sold stake 10 days prior to Monday announcement
FARAH ADILLA
PETALING JAYA bt@mediaprima.com.my
PALETTE Multimedia Bhd chairman and managing director (MD) Eg Kah Yee said Wong Thean Soon’s move to turn to the media on his share sale in the company is uncalled for.
Eg said Wong, who is also MyEG Services Bhd group MD, had disposed of his entire 3.92 per cent stake in Palette 10 days prior to his announcement.
He claimed that the announcement had caused Palette’s shares to fall.
The counter fell as much as 19.5 per cent in early trade yesterday.
“He sold off his stake long ago. The sad thing is why did he go to the media... I don’t know. He actually sold about 10 days prior to Monday announcement.
“I’m surprised. You can make a statement that you will no longer invest in the market, but you do not need to name the companies. What does it has to do with it?” said Eg after Key Asic Bhd’s annual general meeting, here, yesterday.
Eg is also Key Asic chairman and chief executive officer.
It was reported yesterday that
Wong had announced that he would no longer make passive investments in listed companies.
In a statement, Wong said he had distanced himself from Palette and Malaysian United Industries Bhd (MUI).
Palette and MUI share prices rose in recent weeks on speculation of an impending corporate exercise.
Wong, who held a 0.31 per cent stake in MUI, had said 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.
In his reply to NST Business,
I merely said I sold all my passive investments, including MUI and Palette. How is that unprofessional?
WONG THEAN SOON Group managing director MyEG Services Bhd
Wong said: “I merely said I sold all my passive investments, including MUI and Palette. How is that unprofessional?
“Did Palette complain that the media was unprofessional when the media reported that I had some shares in Palette although it was below the reporting threshold?” he asked.