KUALA LUMPUR (Dec 2): Businessman Tey Por Yee, who is embroiled in a shareholder tussle with Protasco Bhd group managing director Datuk Seri Chong Ket Pen for control of the company, has disposed of a 1.48% stake in Nexgram Holdings Bhd, a company Tey founded.

In a filing with Bursa Malaysia today, Nexgram said Tey sold around 27.826 million shares today. He still owns an 11.52% direct stake and an 8.5% indirect stake after the disposal.

The 27.826 million Nexgram shares that were sold by Tey represented 41.88% of its trading volume today.

Shares of Nexgram were actively traded and emerged as the fourth most-active stock on Bursa Malaysia today, with more than 66.463 million shares changing hands.

Tey is the chief executive officer and managing director of Nexgram, which is involved in telecommunication software research and development, along with investment and technology advisory services.

Tey has been trimming his stake in Nexgram since Nov 7 this year. He owned as much as 26.12% stake in Nexgram as at May 8, 2014, subsequently reducing his stake to 20.02% stake as of today.

Nexgram shares rose 1 sen or 14.3% to settle at 8 sen today, bringing a market capitalisation of RM150.6 million.

Meanwhile in Protasco, Tey continued to acquire 100,000 shares today. He now owns about 57.521 million shares or a 17.16% stake in the company.