KUALA LUMPUR 10 Dec: Wintoni Group Bhd, which saw unusual entry and exit of a group of investors which the company sued for potential breach of take over and mandatory general offer rules by working in concert controls over 40% shares. The hostile group was also being perceived as having 3 proxy directors on Wintoni board, 1 resigned few weeks after appointment, the other 2 resigned Yesterday (9 Dec) as per Bursa Malaysia announcement. 

The group of investors took market by surprise on their motives and intention despite the fact that Wintoni is a small IT company with no tangible asset. Such hostile move usually happens to asset rich property companies. Further more, a pattern of turbulance, from share price manipulation, to causing the lost of company business and recent saga of mistakes decision where their proxy director rejected the quarterly account without knowing the consequences, ended up a panic selling. Stange enough the major shareholder is able to sell the shares starting 26 Dec ahead of public announcement on 2 Dec. According to investment banker, a potential breach of insider trading is high likely occured.

With the resignation of 2 more proxy directors, would there be another drama lead by nominees of the hostile parties? The share tradingg volume also suggest that there are other parties working in concern, besides Yap Kok Weng, which are still holding the shares, hence potential influence and more harm to the already fragile public listed company.

Market would be interested to see what is the hostile parties next move, when Yap on surface had left, and the proxy directors have fleet. Perhaps a permanent suspension would 

[Bursa Announcement Analysis]

refers:

http://www.bursamalaysia.com/market/listed-companies/company-announcements/4947097

Change in Boardroom

Other commitments

http://www.bursamalaysia.com/market/listed-companies/company-announcements/4947101

Change in Boardroom

Other commitments