KUALA LUMPUR (Aug 4): In response to Vinvest Capital Holdings Bhd’s allegation of losing its 17.82% stake in EA Holdings Bhd, TA Securities Holdings Bhd clarified that Vinvest had already received sales consideration from the disposal of 1.1 billion EA Holdings shares.
TA Securities highlighted that the block of shares was directly transacted via an online platform system, and that the disposal sum was paid and credited into the bank account of Vinvest on July 3 this year.
“The 1.1 billion EA Holdings shares [held by] Vinvest were directly transacted and payments were appropriately settled between the seller and the purchasers through the Fixed Delivery Settlement System of Bursa Malaysia,” it said in an email to The Edge on Friday (Aug 4).
It noted that the sale orders executed by Vinvest were directly routed to Bursa Malaysia’s trading system and were sold on the open market to corresponding purchasers from various broking firms.
TA Securities added that the disposal of shares was done only on June 23, and not over a period of between June 23 and July 11 as claimed by Vinvest.
Vinvest had taken legal action against EA Holdings over the loss of its stake in the company, including "urgently applying for the necessary prohibitory injunctive orders to stop further derogation of the company’s rights over those shares". Vinvest has been granted an interim injunction by the High Court against EA Holdings.
Besides EA Holdings, Vinvest has also named a so-called stock market analyst as the second defendant. Vinvest is alleging that fraud has been committed by both EA Holdings and the analyst, stressing that the appointment of the analyst was on EA Holdings' recommendation.
In a statement of claim filed on Friday (July 28) through Messrs Wilson Lim and sighted by The Edge, Vinvest said all its EA Holdings shares had been sold on the open market via its TA Securities central depository system account between June 23 and July 11.
Vinvest is also seeking a declaration that the transfer of the 1.1 billion shares from its TA Securities account, either on the open market or via off-market, is null and void. Vinvest further wants a declaration that the trade and transfer of the shares on June 23 is declared illegal, and that Vinvest remains the owner of the shares.
A report was lodged with the Securities Commission Malaysia, police and Bursa Malaysia between July 17 and 21, according to Vinvest.
Vinvest’s share subscription in EA Holdings back in November 2021 was aimed at opening more opportunities for both companies to collaborate and leverage each other’s strengths.
Vinvest claimed that the selling price for its EA Holdings shares was a mere half a sen per share or a total sum of RM5.486 million, a huge discount compared to the acquisition sum of RM23.21 million back then.