This article first appeared in The Edge Financial Daily, on March 4, 2016.

KUALA LUMPUR: Businessman Datuk Tey Por Yee has sold his entire 24.82% shareholding in Asdion Bhd through off-market trade, while transferring his shareholding in Ire-Tex Corp Bhd to his younger brother Por Chen.

In a filing with Bursa Malaysia, Asdion said Por Yee made the disposal of the 24.82 million shares in the company in an off-market transaction on Feb 25, but did not disclose the transacted price.

Last Friday, The Edge Financial Daily reported that Asdion saw the same number of shares traded off market at 27 sen, a sharp discount of 38.64% over the then-closing price of 44 sen.

In a separate filing yesterday, Ire-Tex disclosed that Por Chen emerged as a substantial shareholder through an off-market acquisition of 30.6 million shares, equivalent to a 22.96% stake, in the corrugated packaging services provider on Feb 24 as well.

Por Yee, 40, was formerly the non-executive director of construction and property group Protasco Bhd. On Jan 16, he claimed trial at the Ampang Sessions Court to two charges of cheating and perjury involving RM68 million.