T7 Global unfazed by departure of Vincent Tan

PETALING JAYA: T7 Global Bhd said local tycoon Tan Sri Vincent Tan’s plan to dispose of his substantial stake in the company will not have any impact on its business or financial performance.

“The group would like to clarify that Tan’s entry into T7 Global is on the basis of a passive investor due to the group’s well-positioned business in the O&G services industry. The group’s current and future core businesses and operations in the O&G, aerospace and construction as well as infrastructure are fully intact and is unaffected by the recent news,” it said in a filing with the stock exchange yesterday.

According to T7 Global’s separate filing with Bursa Malaysia, Tan disposed of 3.68 million shares or 0.88% stake via direct business transaction on Monday. Tan has said he will divest his entire 5.04% stake in T7 Global.

Meanwhile, T7 Global said it welcomes the price renegotiation for the East Coast Rail Line and aspires to participate in the project.

“As of today, there has not been any contracts awarded to T7 Global and we are still awaiting for the government’s review on the entire project.”

T7 is partnering with Terengganu state governmentlinked Eastern Pacific Industrial Corp Bhd and CMC Engineering Sdn Bhd to bid for the Terengganu portion of the ECRL.

Currently, T7 Global’s core business remains the oil and gas segment, accounting for 90% of the group’s total revenue.

On Bursa Malaysia yesterday, T7 Global ended down 7 sen or 14.1% at 42.5 sen on 12.2 million shares traded.