BERJAYA CHAIRMAN TO SELL ALL 21M T7 GLOBAL SHARES
Tan disturbed by ‘mischievous and sinister’ articles linking shareholding with project
BERJAYA Corp Bhd executive chairman Tan Sri Vincent Tan plans to sell all 21 million shares in T7 Global Bhd, about a month after emerging as a substantial shareholder of the company.
Tan said he was disturbed by what he deemed as “mischievous” and “sinister” moves to link his 5.04 per cent stake in T7 Global with the East Coast Rail Line (ECRL) project.
“There has been several news and social media articles regarding my recent acquisition of 21 million shares constituting a 5.04 per cent stake in T7 Global.
“These news reports are mischievous and appear to imply a sinister link between my acquisition and the decision of the Pakatan Harapan government not to cancel the ECRL project despite earlier reports to the contrary.
“I believe these news reports and social media comments are intended to embarrass me and the new government in Putrajaya,” he said in a statement yesterday.
Tan said he would sell all his equity holding in the company and had disposed of some since Monday.
He is T7 Global’s second biggest shareholder after executive deputy chairman Tan Sri Tan Kean Soon, who holds 11.28 per cent.
The company’s share price surged as much as 34.5 per cent on Monday but closed one per cent lower to 49.5 sen yesterday.
Tan claimed that he had bought the T7 Global shares as he was acquainted with its major shareholder and saw it as a longterm investment in the oil and gas services industry as the company was well-positioned in this sector.
“I had no knowledge that T7 Global is one of the contractors for the ECRL project when I purchased the shares.”
Tan also refuted a report alleging that he had invested in a financial start-up that had developed a trading platform called Bitcoin Formula that promoted blockchain and crypto technologies, and a Facebook article claiming he would donate RM525 million to Tabung Harapan.
Earlier, T7 Global had hoped for a change of fortune with Tan being a major shareholder.
At the company’s annual general meeting yesterday, acting chairman Datuk Seri Dr Nik Norzrul Thani said T7 Global aimed to expand further into infrastructure development.
He said the company would have three major revenue streams.
“What we hope to do is that the three business segments (oil and gas, aerospace and high-value manufacturing, as well as infrastructure development) will run at the same pace.”
In March, T7 Global inked a memorandum of understanding with Terengganu governmentlinked corporation Eastern Pacific Industrial Corp Bhd and CMC Engineering Sdn Bhd to form a consortium to participate in the ECRL project.