Vincent Tan emerges as T7 Global's substantial shareholder

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KUALA LUMPUR (May 16): Berjaya Corp Bhd founder and executive chairman Tan Sri Vincent Tan Chee Yioun has emerged as a substantial shareholder of T7 Global Bhd with the acquisition of 21 million shares or a 5.04% stake.

In a filing with Bursa Malaysia today, T7 Global said the tycoon had purchased the shares yesterday via a direct business transaction.

"The board recognises Tan emerged as substantial shareholder and is confident that under the executive management team's leadership, the group will continue to make substantial progress for the company," said T7 Global executive deputy chairman Tan Sri Tan Kean Soon in a separate statement.

"We believe there is further upside in our business and ability to grow value to our shareholder," he added.

Shares in T7 Global closed up six sen or 15.38% at 45 sen today, with 8.33 million shares traded, for a market capitalisation of RM171.98 million.