KUALA LUMPUR (May 4): Former director of Protasco Bhd Datuk Tey Por Yee has ceased to be a substantial shareholder in Practice Note 17 (PN17) company R&A Telecommunication Group Bhd.

In a Bursa Malaysia filing today, R&A said Por Yee ceased to be a substantial shareholder in the company by virtue of his indirect shareholding via Nexgram Holdings Bhd. Nexgram disposed of 66.01 million shares in R&A at an undisclosed amount.

According to R&A's latest filings on Nexgram's shareholdings in the company, Nexgram's 66.01 million shares represented a 6.83% stake in R&A.

Por Yee ceased to be a substantial shareholder in Nexgram, the company he had founded, in February this year after transferring a total of 197.62 million shares or about 10.5% stake to his younger brother, Por Chen, between Feb 16 and 19 this year.

Por Yee has been embroiled in a boardroom tussle against Protasco managing director Datuk Seri Ir Chong Ket Pen in late 2014 after being accused of allegedly misleading the company by entering into an oil and gas investment agreement with PT Anglo Slavic Utama through the purchase of 63% of PT Anglo Slavic's shares in Indonesia worth US$22 million (RM68.39 million).

In January this year, Por Yee claimed trial to two charges at the Ampang Sessions Court: the first of which is fraud involving RM68 million, and the second for making a false declaration.

He is accused of concealing information from the company's board of directors and officers that he had a vested interest in PT Anglo Slavic Utama and had made a sworn false statement before Wern Li Morsingh, a Commissioner of Oaths, in which he had stated that he did not have any vested interests in PT Anglo Slavic Utama, whether as a director or shareholder.

Por Yee, 40, has been seen divesting his investments in various listed companies since February.

He ceased to be a substantial shareholder in Protasco on March 28 this year after disposing of 3.45 million shares in the company.

He also ceased to be a substantial shareholder in another PN17 company Malaysia Pacific Corp Bhd (MPCorp) in March after disposing of 650,000 shares in the company, leaving him with 14.35 million shares or a 4.99% stake from a 5.21% stake in MPCorp since mid-July 2014.

On Feb 24 this year, Por Yee sold a 22.96% stake or 30.6 million shares in Ire-Tex Corp Bhd, a corrugated packaging services provider, to Por Chen, and ceased to be Ire-Tex's substantial shareholder.

Por Yee had on Feb 25 this year sold his entire 21.34% stake or 24.82 million shares in Asdion Bhd to Por Chen through an off-market transaction with an undisclosed transacted price.