headline reverted: https://bursakingcross.wordpress.com/2015/12/04/wintoni-exit-of-substantial-shareholder-yap-kok-weng-who-is-next/

[Kuala Lumpur, 4 Dec 2015] : "Wintoni Group Bhd’s largest shareholder, Yap Kok Weng, has disposed of 82.32 million shares in the company, representing a substantial 16.1% stake in the company.According to a filing with Bursa Malaysia today, Yap had disposed the shares between Nov 26 and Dec 1, 2015. After the disposal, Yap’s shareholding in the company stood at 19.1 million shares or a 3.72% stake. " local press.

The series of turbulence events since the entry of Yap Kok Weng as a substantial shareholder of Wintoni Group Bhd which surface since February 2015, where market perceived as "uninvited hostile take over", seems to drums up to next level, with Yap Kok Weng announced to Bursa Malaysia on 3 December 2015, his disposal of shares in a rush (3 market days) and no longer a substantial shareholder of Wintoni Group Bhd (source: Bursa Malaysia). Note1.

Market speculation question his moves as a hit-and-run speculator, which ran away from his duty to honor his obligation to completes a General Offer. According to legal suit reported by the company counting Yap Kok Weng and Chang Khim Wah among others working in concert, both are top officers linked to Tan Sri Liew Kee Sin of 2 other public listed companies, SP Setia and Eco World.

Would this be another camouflage, and who are the buyers of Yap Kok Weng's shares? Did all the parties working in concert exited, or just another change-of-skin plan to transfer the shares to proxies linked to Yap and associates trying to get away from their legal obligation? Minority shareholders also question Bursa Malaysia and Securities Commission independence when comes to market perception why Yap Kok Weng and group of parties working in concert were not asked to fulfill their legal obligation. Have any "real" minority shareholders raised their concerns to the authorities? Perhaps they were perceived as big boys and shall receive special treatment and were allowed to rob and rape public listed companies; while others were perceived as smaller outfit and being bullied at will? What about the real victims, the stakeholders of Wintoni group, count the real minorities, staffs, customers and suppliers which was taken for a ride by the big bullies?

Even more interesting is, why broke into the office and take away documents? Wasn't that just further confirm Yap Kok Weng and parties working in concert are not coming into Wintoni Group with good faith, and surface other agenda they may have? Besides the very unlikely of a hostile take over of an IT company, the series of events left the market puzzled how reckless or rather ridiculously careless these parties are. They just down graded their credibility from heaven to hell over a period of 1 year.

The coming series of events would be interesting to see if Yap Kok Weng and parties working in concert are using different outfit to cause harm to the company, including the dubious law suit by Yap's proxies, as well as potential regularization plan which is supposed to help the company survivals would be turned down, which doesn't make economic sense if indeed those parties working in concert would vote against (again), with intention to kill the company. Bursa Malaysia credibility is already in a limbo last few years, hovering with a hangover dream between assisting the market or killing the market, as perceived by capital market consensus. Minority shareholders deserve better information and transparency when comes to market confidence.

Who is next in the line to rob and loot the company behind the puppet masters, count current batch of cowboys lead by Yap as one of the puppet leader? Perhaps this is just a show for Yap and parties working in convert, working together with some culprits, count the "authorities" among others, to further loot the company by cheating minority shareholders to cut losses? Time will tell.

Bursa KS

Sources:

Bursa Malaysia Announcement [3 Dec 2015]

Wintoni Group - Yap group in battled sea. Would chart wise technical rebound helps? [2 Dec 2015]

Wintoni - minorities demand SC action on SP Setia and EcoWorld bigwigs. Share collapse 29% [1 Dec 2015]

[Research review. 4 December 2015]

[tag: WINTONI, WINSUN, YAP KOK WENG]

Note1

Changes in Sub. S-hldr's Int. (29B)

Particulars of substantial Securities Holder

Details of changes

Currency: Malaysian Ringgit (MYR)