KUALA LUMPUR (Nov 13): My E.G. Services Bhd group managing director Wong Thean Soon said he is not planning to acquire diversified entity Malayan United Industries Bhd (MUI), because he had earlier bought MUI shares as a passive investment. My E.G. is an electronic government service specialist.
Wong said this in a statement today in response to news reports which insinuated he is planning to acquire MUI. "Mr Wong Thean Soon clarifies that he is NOT looking to acquire MUI as insinuated by a local English daily," the statement said.
MUI's website shows its businesses include hotels, financial services and properties.
Wong also said he had earlier bought shares in Internet-based services provider Palette Multimedia Bhd as passive investment.
“I acquired insubstantial shares in MUI and Palette Multimedia Bhd as passive investments. Unfortunately, certain media quarters have extracted these information from the annual reports and published stories that created the misperception of impending M&A activity.
"I wish to clarify that I have disposed (of) all of my shareholdings in MUI and Palette, and will refrain from making any passive investments in listed equities in the future,” Wong said.