This article first appeared in The Edge Malaysia Weekly on October 19, 2026 - October 25, 2026

Last week, United Malacca Bhd ­(KL:UMCCA) announced that Prosper Trading Sdn Bhd, the vehicle of the Tee family, had acquired 28.19 million shares or 13.44% of the plantation company from Great Eastern Life Assurance (M) Bhd at RM6.10 per share, or RM171.93 million in cash.

The collective shareholdings of the Tee family and parties acting in concert (PAC) increased from 71.78 million shares, or 34.22%, to 99.97 million shares, or 47.66%, of United Malacca, triggering a mandatory general offer (MGO) at RM6.10 per share.

More interestingly, United Malacca announced that the Tee family and PAC had on Sept 26, 2024, triggered an MGO when their shareholdings crossed the 33.33% threshold, after they increased their collective shareholdings from 32.63% to 33.70% of the plantation company’s share base.

The Tee family and its Prosper group is offering a cash compensation, payable in respect of shares sold calculated based on the difference between the offer price of RM6.10 per share and the price at which the relevant shares were sold during the compensation period.

It is just bewildering that it has taken a little more than two years for the management to realise that an MGO had been triggered.

A year ago, after an interview with Tee Cheng Hua, who was a senior executive director at both Prosper group and Far East Holdings Bhd (KL:FAREAST), The Edge asked if the Tee family’s shareholding in United Malacca had crossed the 33.33% threshold, as it had highlighted such a possibility.

Also, after the MGO was triggered in September 2024, United Malacca published two annual reports and held two annual general meetings, for FY2025 and FY2026. Were there no checks undertaken when the top 30 shareholders were disclosed?

How is it that the triggering of an MGO went unnoticed?

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