TS Wong and Brahmal emerge as Palette shareholders

PETALING JAYA: Broadband, networking and mobile health company Palette Multimedia Bhd, which has spiked up almost three-fold year-to-date, has seen the emergence of Wong Thean Soon and Brahmal Vasudevan.

This would be the third time that both shareholders are co-investing in the same company.

Wong, better known as TS Wong, is the managing director and single largest shareholder of MyEG Services Bhd.

Brahmal, meanwhile, is the founder and chief executive officer of private equity firm Creador Sdn Bhd.

In Palette’s 2017 annual report, which was released last Friday, Wong appears as the fifth-largest shareholder with 12.52 million shares or a 3.92% stake.

Wong has stated that he is merely a passive investor in Palette.

Brahmal is the second-largest shareholder of the warrants, holding some 20 million shares or a 13.77% stake.

He is also believed to be holding the Palette mother shares via Credit Suisse.

Based on the annual report, Credit Suisse is the fourth-largest shareholder with a 4.97% stake.

Palette closed 12.5 sen higher to 34.5 sen yesterday on a volume of 150.71 million shares. It was the most actively traded stock of the day.

Palette announced a series of hardware platform sales to Trade House Atlantis right up to Sept 29.

To date, these contracts total some RM21mil. Brahmal has twice invested in Wongcontrolled companies.

Brahmal was previously a substantial shareholder in MyEG back in 2012, Last year, he also accumulated shares in Excel Force MSC Bhd, in which he still holds a 5.46% stake.

Wong holds a 19.51% stake in Excel Force via his vehicle, Asia Internet Holdings Sdn Bhd.

Brahmal appears to like technology stocks. Currently, he owns a 5.79% stake in ICT training and certification provider Prestariang Bhd.

Earlier this year, Creador exited GHL Systems Bhd, generating a return of 2.8 times and an internal rate of return of 40%.