Monday, January 12, 2015

'Dislike' - TGOFFs

A group of minority shareholders has claimed that the company’s acquisition of an office building in Birmingham requires shareholders’ nod, contrary to the company’s claim it did not needs such approval.

The company spent rm58 million to purchase the Birmingham property. The deal exceeds the maximum 25% threshold and requires TGOFFs to seek shareholders’ approval.

Earlier it had also terminated a proposed asset injection exercise that would have resulted in the company owning a fleet of marine vessels.

Besides this, the MACC is believed to be looking at the company’s acquisition of the remaining 49% stake worth rm34.3 million in Gas Generators Sdn Bhd in Oct 2013.

Instead of diversifying into the property business, it perceives the asset acquisition in the in the UK to be a commercial transaction that would enable it to hedge against currency depreciation. With this in mind, it entered into a put and call option agreement with HB Properties Plc on May 23 2014 to require the latter to purchase all shares in 7 New Market Holdings for 7 million pound.

Listed on ICAP Secutireis and ISDX, HB Properties is involved in real estate investment and development in the UK and SEA. On Aug 2014 the counter was suspended from trading due to delay in submitting its financial statements.

TGOFFs has an order book of rm200 million.


Anonymous said...

This group of 'minority shareholders' which consist of 2 'rats of the company' has just been washed off operations 2 days ago.

Take a look at their announcements via KLSE info. Check out Jan 28, 2015, item #7. Possible "conflicts of interest and breach of judiciary duty".

My best guess for now is Tan Sri Tan Kean Soon.

Anonymous said...

FYI Tan Sri Tan Kean Soon alrdy buy 800k+ shares from his son's name in 2014.

this crook want to run away clean and have prepared for it since the petronas deal with the agong-owned company.

Anonymous said...

How sure are you? Maybe all is just an act? or something else. He can't be so stupid to risk all of his reputation for this right?

Anonymous said...

Sure something fishy happening..Tan Sri Tan Kean Soon just join Tanjung in June 14..then now got suspended..surely something going on lo..

Anonymous said...

if you take a look at hms oil & gas sdn bhd it belongs to tan sri's son, which is also a collaboration with a royal family.

mr. tan has been going around, using the royal family's name and tanjung to get business for himself. this will create a 'void' for those out there, and put their attention on his company rather than tanjung.

from there, he will then take control of the deal and channel it for himself.

i would do the same if i were him.

then what happens to tanjung? small shareholders like me, upon hearing this news will just go berserk and see my portion of the shares sold off as quickly as the prices let me.

binbing said...

cannot be..his own company is doing well ma..why wanna cheat other people?

pandabear said...

Guys..updated news..The committee of Tanjung have presented their findings to the SC..

“Sabri and Tan’s possible conflicts of interest and breaches of fiduciary duty may have resulted in, among others, loss of business opportunity and potential income stream related to the Bourbon deal, and disadvantageous and lopsided terms for the CWR contract under negotiation which could result in potential future loss for [the company],” Tanjung Offshore alleged in the statement.

Tan Kean Soon has cheated Tanjung and soon he will be exposed for his unethical doings.. U said that his company is doing well..have you searched anything on that?

wakawaka said...

I've seen similar posts on other places and it looks like majority of people have the same opinion that Tan Sri Tan Kean Soon is a cheat & crook. Well, even though all of this may be true, but a person remains innocent until proven guilty. And in this case, these are all just news & speculations. There are no solid facts that states he has cheated someone's money. If someone or the SC or MACC have found some solid proof on Tan Sri Tan Kean Soon, then I would definitely be on the other side of the fence.

wakawaka said...

Today's news update.

“What has been told so far is only one-sided and I am certainly blameless,” Tan said in an interview, vowing to inform the public what had happened ever since he bought into the company two years ago.
Stressing that he had nothing to hide, Tan added that all he wanted was for Tanjung Offshore to be properly run by professionals who knew the business well to fully realise the country’s valuable energy natural resource.

We should give him a chance to tell his side of the story.

Anonymous said...

he is nothing but a conman. he even cheated his own family and pays bribes.

Anonymous said...

Ini semua Tan Sri conman laa. Semua beli dan bagitahu orang dia nomini Agong. Kalau bagus apa mau pakai nama orang. Tak malu punya Tan Sri. Belajar pun takda nak jadi oil and gas punya player. Bodoh betul!!!

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