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TeyPorYee-03Dec2014_theedgemarketsKUALA LUMPUR: Businessman Tey Por Yee (pic), who is embroiled in a shareholder tussle with Protasco Bhd group managing director Datuk Seri Chong Ket Pen for control of the company, has disposed of a 1.48% stake in Nexgram Holdings Bhd, a company he founded.

In a filing with Bursa Malaysia yesterday, Nexgram said Tey sold around 27.826 million shares. He still owns an 11.52% direct stake and an 8.5% indirect stake after the disposal.

The 27.826 million Nexgram shares sold by Tey represented 41.88% of the firm’s trading volume yesterday.

Shares in Nexgram were actively traded and emerged as the fourth most active on Bursa Malaysia, with more than 66.463 million shares changing hands.

Tey is the chief executive officer and managing director of Nexgram, which is involved in telecommunications software research and development, as well as investment and technology advisory services.

Tey has been trimming his stake in Nexgram since Nov 7 this year. He owned as much as 26.12% of Nexgram as at May 8, 2014, subsequently reducing his stake to 20.02% stake as of yesterday.

Nexgram shares rose one sen or 14.3% to settle at eight sen yesterday, giving it a market capitalisation of RM150.6 million.

Tey continued to acquire 100,000 shares in Protasco yesterday. He now owns about 57.521 million shares or a 17.16% stake in the company.

 

This article first appeared in The Edge Financial Daily, on December 3, 2014.

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