KUALA LUMPUR (Oct 14): United Malacca Bhd (KL:UMCCA) said on Wednesday that its executive director Datuk Seri Tee Lip Sin has died at the age of 55.
Prominent businessman Tee Kim Tee @ Tee Ching Tee is the father of Lip Sin.
Lip Sin first joined United Malacca’s board as an alternate director to his uncle Tee Cheng Hua in October 2019. He was appointed a non-independent non-executive director in February 2021 before being redesignated as a non-independent executive director in January 2023.
He began his career at Prosper Capital Holdings in 1995. He was group managing director of Prosper Group and a director of Prosper Capital Holdings. He also served as a director of several private companies involved in plantation, milling businesses.
The development came two days after United Malacca announced a mandatory general offer of RM6.10 per share by Prosper Trading Sdn Bhd, Kim Tee and Cheng Hua. The offer was triggered by Prosper Trading’s purchase of a 13.44% stake from Great Eastern Life Assurance (Malaysia) Bhd for RM171.93 million.
The parties also aim to resolve an outstanding takeover obligation dating back to September 2024, when the combined shareholding of Prosper Trading, the two brothers and their associates rose from 32.63% to 33.70%, crossing the 33% threshold that triggered a mandatory takeover offer.
The offer was not made at the time, and the group now plans to address this through a new takeover offer and a cash compensation scheme for eligible shareholders who sold their shares below RM6.10 during the Sept 26, 2024 and October 9, 2026 period.
Shares of United Malacca were halted an hour after the announcement before closing unchanged at RM6.04, giving it a market capitalisation of RM1.27 billion.