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T7 Global down after Vincent Tan decided to divest stake

KUALA LUMPUR (June 27): T7 Global Bhd shares fell as much as 5.5 sen or 11% to 44 sen today after tycoon Tan Sri Vincent Tan Chee Yioun said he has decided to divest his entire stake in the oil and gas support service provider.

Yesterday, Tan said in a statement there has been news and social media articles regarding his recent acquisition of 21 million shares constituting a 5.04% stake in T7 Global. He said these news reports are mischievous and appear to imply a sinister link between his acquisition of a substantial stake in T7 Global and the decision of Malaysia's Pakatan Harapan Government not to cancel the East Coast Rail Line (ECRL) project despite earlier reports to the contrary.

At Bursa Malaysia today, T7 Global shares were traded among the bourse's most-active stocks and top decliners. At 9:45am, T7 Global was transacted at 44 sen with some seven million shares traded.

Yesterday, Tan said: "I have in fact already started disposing (of) some of my shares in T7 Global as of yesterday (June 25) and I intend to dispose (of) all of my shares in the company in due course. I hope this will put an end to any further controversy on this issue."

"I believe these news reports and social media comments are intended to embarrass me and the new Government in Putrajaya," he added. — theedgemarkets.com

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