KUALA LUMPUR (Oct 26): Tan Sri Tan Kean Soon, who was recently charged with cheating a businessman of more than RM10 million, has disposed of his entire direct stake of 74.18 million shares in T7 Global Bhd (KL:T7GLOBAL), with his wife, Puan Sri Shirley Law Siong Hiong, acquiring the same number of shares.
The shares were transacted at 11.5 sen apiece, almost half of the market price that day, for a total of RM8.53 million, according to Bloomberg data. In separate Bursa Malaysia filings on Monday, T7 Global said both transactions took place through direct business transactions last Friday, Oct 23.
Following the disposal, Kean Soon ceased to be a substantial shareholder of the oil and gas services provider. Law's combined direct and deemed interest increased to 12.823%, or 128.1 million shares, potentially making her T7 Global's second-largest shareholder based on the latest available disclosures.
Her stake remains behind the group's executive chairman, Tan Sri Dr Nik Norzrul Thani N Hassan Thani, who held a 25.516% interest, mainly through Abyssina Resources (M) Sdn Bhd.
Their sons Tan Kay Zhuin, 37, and Tan Kay Vin, 35, are executive directors of the company. Meanwhile, Kean Soon’s brother, Datuk Tan Kean Seng, is the deputy chief executive officer of the industrial solutions division.
Kean Soon pleaded not guilty on Oct 21 to four charges of cheating businessman Datuk Keh Chuan Seng of more than RM10 million. He allegedly claimed he could help resolve money laundering investigations and the freezing of bank accounts. The alleged offences took place in March 2025.
The court granted Kean Soon bail of RM1 million with one surety and fixed Jan 11, 2027 for the next case management.
Kean Soon resigned as T7 Global's executive deputy chairman on March 31, 2025, citing personal reasons. Following his resignation, the company told Bursa Malaysia it was not aware of any ongoing investigation involving the company.
T7 Global’s share price closed unchanged at 23.5 sen on Monday, valuing the company at RM238.8 million. Year to date, the stock is down 20%.