KUALA LUMPUR (March 10): Datuk Tey Por Yee has sold 0.9% stake or 3.01 million shares in Protasco Bhd, an infrastructure outfit in which he has embroiled into boardroom tussle against managing director Datuk Seri Ir Chong Ket Pen in late 2014.

In three filings with Bursa Malaysia today, Protasco announced Por Yee sold one million shares on Feb 18, followed by 10,000 shares on Feb 22, and two million shares on Feb 25, trimming his shareholding to 11.76%.

However, the transacted price was not disclosed.

Tey, 40, has been on a divestment spree lately, Practice Note 17 (PN17) company Malaysia Pacific Corp Bhd (MPCorp) yesterday (March 9) filed with the exchange to disclose he sold 650,000 shares on March 1 and March 2, and faded away from the substantial shareholder scene, with 14.35 million shares or 4.99% stake.

Tey emerged as a substantial shareholder in MPCorp in mid-July 2014, after his purchase of 15 million shares in the company, or a 5.21% stake.

Tey has also ceased to be a substantial shareholder in the company he had founded, i.e. Nexgram Holdings Bhd, after a series of disposal and transferring of shares to his younger brother, Tey Por Chen.

The divestment in Nexgram started on Feb 2, when Tey ceased to hold indirect interests due to his disposal of shares in Smart Tower Sdn Bhd, which held 160.06 million shares or 8.51% stake in the telecommunication software advisory service company.

According to subsequent Bursa Malaysia’s filings by Nexgram, Tey had on Feb 15, disposed of two million shares or 0.11% stake in the company, and has transferred a total of 197.62 million shares or about 10.50% stake to Tey Por Chen between Feb 16 and Feb 19 this year.

Subsequently on Feb 24, Tey sold 22.96% stake or 30.6 million shares in Ire-Tex Corp Bhd, a corrugated packaging services provider, to Por Chen, and he ceased as substantial shareholder.

Based on Ire-Tex’s 2014 annual report, Tey owns 32.52 million shares or 24.67% stake, ranking him as the single largest shareholder as at April 30, 2015.

In September last year, he sold 1.9 million shares, tuning down his stake at 23.16% or 30.62 million shares.

Meanwhile, Tey 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, but the transacted price was not disclosed either.