However, his two sons from Singapore — Tan Kheng Leong and Tan Kang Leong — are not among them. The duo will continue to be shareholders in TCC together with the family members of the late Tan Sri Tan Yuet Foh, the younger brother of Kim Hor and co-founder of the group.

According to the announcements made by the Tan Chong group of companies, the exiting minority shareholders of TCC are Kim Hor, Lee Lang, Pang Sew Ha, Datuk Tan Boon Pun, Datuk Tan Hoe Pin, Datuk Tan Chee Keong, Tan Beng Keong and Tan Ban Leong.

This means that Kim Hor’s family has parted ways with Yuet Foh’s family which is led by his eldest son and nephew of Kim Hor, Datuk Tan Heng Chew. Heng Chew is the executive deputy chairman of listed Tan Chong Motor Holdings Bhd.

Last Tuesday, the group announced the family’s decade-long dispute has come to an end.

The settlement involves a progressive release of a portion of the shares in Tan Chong Motor, APM Automotive Bhd, and Warisan TC Holdings Bhd to the exiting minority shareholders of TCC by equal instalments over a period of five years, in exchange for the cancellation of their shares in TCC by way of a selective capital reduction.

TCC would hold at least 33% of the voting shares in the three companies, with a right of first refusal to acquire any of the shares, which the exiting minority shareholders may choose to dispose of.

The feud in the Tan family became public in May 2001 when Kim Hor and his family sought a dissolution of TCC, in order to split up the respective families’ interest in the private vehicle. Then, Kim Hor had said the move was due to irreconcilable differences between them and the family of Yuet Foh that arose in 1999.

It was reported that the Kim Hor faction has a 45% stake in TCC while the other faction led by his nephew Heng Chew has 55%.

The disputes in TCC later spread to the companies in its stable and brought about several lawsuits and boardroom battles that hogged the limelight for years.

TCC would progressively release portions of its shares in the three listed companies to the exiting minority shareholders by equal instalments over a period of five years, in exchange for the cancellation of their shares in TCC by way of a selective capital reduction.

TCC currently holds a 46.51% stake in Tan Chong Motor, and would release an aggregate of 12.59% of the shares in the company.

In Warisan TC, TCC holds a direct 23.11% stake and an indirect 20.42% via wholly owned subsidiary, Parasand Ltd. TCC will release 11.78% of the shares in Warisan TC.

TCC owns 23.15% of APM directly, and another 20.45% via Parasand. It will release 11.81% of the shares in APM.

In the event TCC does not acquire any shares in the three companies during the five years, and assuming that there are no changes to the respective paid-up capital of the three companies, TCC would reduce its interest in Tan Chong Motor to 33.92% upon completion of the share release, and to 31.75% and 31.79% in Warisan TC and APM, respectively.

This article appeared in The Edge Financial Daily, July 1, 2009.