Palette, MUI tumble on Wong’s statement

KUALA LUMPUR: Both Palette Multimedia Bhd and Malayan United Industries Bhd (MUI) shares tumbled in active trade in Monday afternoon following a statement from Wong Thean Soon that he had disposed all his shares in both companies.

The news caused Palette to skid 16.3%, or 8 sen to 41 sen while MUI tumbled 18.8%, or five sen to 21.5 sen.

Wong, who is the managing director and major shareholder of MYE.G. (MyEG) Services Bhd, has clarified in a statement that he had disposed off all his shareholdings Palette and MUI.

He issued a strong statement stating that he would avoid making `passive’ investments in future.

“I acquired insubstantial shares in MUI and Palette Multimedia Berhad 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.