Tee Lip Sin increases stakes to 31% in United Malacca

KUALA LUMPUR (May 15): United Malacca Bhd saw the shareholding of its non-independent non-executive director as well as largest shareholder Datuk Seri Tee Lip Sin creep up to almost 31% from 24.5% last month, and 23% in May last year.

According to its filing on Monday (May 15), Tee acquired 8.36 million shares in United Malacca at RM6 per share via Prosper Capital Holdings Sdn Bhd (formerly known as Prosper Palm Oil Mill Sdn Bhd).

At the same time, Tee acquired 4.58 million shares through Prosper Trading Sdn Bhd, also at the same price.

Through both companies, his interest in United Malacca increased by 6.17% or 12.95 million shares to 39.77 million shares, or 30.7% of the issued shares of the plantation group, from 26.82 million shares or 24.5% in April.

According to Bloomberg data, Prosper Capital and Prosper Trading acquired these shares through eight transactions, totalling RM77.66 million. At RM6 per share, the consideration paid was equivalent to a 13.2% premium over United’s closing price of RM5.30 on Monday.

At RM5.30, United Malacca is valued at RM1.11 billion.

On the same day, Oversea-Chinese Banking Corp Ltd disposed of 1.4 million shares at an undisclosed price, reducing its stake in the plantation group to 13.44%. The disposed shares were held for Orient Holdings (Private) Ltd.

In its Annual Report 2022, Tee, 51, was appointed as alternative director to his uncle Tee Cheng Hua on Oct 1, 2019, and subsequently appointed as the group's non-independent non-executive director less than two years later on Feb 25, 2021.

He also sits on the board of several private companies in the plantation and milling businesses. He is an executive director of CI Resources Ltd, a listed company in Australia, as well as a director of Phosphate Resources (Malaysia) Sdn Bhd and Phosphate Resources (Singapore) Pte Ltd.