'No more passive investments’, says TS Wong

MyEG managing director and major shareholder Wong Thean Soon

KUALA LUMPUR: My E.G. Services Bhd (MyEG) managing director and major shareholder, Wong Thean Soon, has categorically denied that he is looking to take over Malayan United Industries Bhd (MUI).
 
Wong who has developed a following in the local stock market for his investments, issued a strong statement stating that he would avoid making `passive’ investments in future.
 
“I acquired insubstantial shares in MUI and Palette Multimedia Bhd as passive investments. Unfortunately certain media quarters have extracted these information from the annual reports and published stories that created the misperception of impending M&A activity.
 
“I wish to clarify that I have disposed all of my shareholdings in MUI and Palette and will refrain from making any passive investments in listed equities in the future,” he said in a statement today.
 
Wong has carved a niche for himself as an entrepreneur with a strong understanding on technology. He together with another savvy investor, Brahmal Vasudevan, are two names that have cropped up recently as `movers and shakers’ of the local stock market.
 
Recently Wong’s name cropped up following a report of an impending offer by a local entity to Tan Sri Khoo Kay Peng for his controlling stake in MUI. Wong has a small stake of about 1% in MUI.
 
Wong’s negligible stake in MUI was construed as him being an interested party for the company. MUI’s shares have been active and a local radio station even mentioned his name as a possible candidate to takeover MUI.
 
Wong’s flagship company is MyEG, which is an e-government service provider tie ups with the Road Transport Department and Immigration Department.
 
MyEG started off as a platform offering online insurance and road tax services. It later went into renewal of foreign workers insurance and is now providing living quarters for foreign workers as well.