Corporate arranger turn businessman Larry Tey Por Yee. How far reach is the network?

Some of the findings on Wikipedia shown that Larry Tey, the venture capitalist which invest in entrepreneurs and turns small start ups into public listed companies within a span of 17 years left with many untold stories.

It’s even more stunning to discover that Larry has assist dozens of companies to go public Internationally, across 4 continents, and has over 1,000 companies whom he invested for his own private equity and other friendly businessman turn investor.

The list on Wikipedia gave us a sneak peak of what Larry past projects:

Source: Wikipedia

Far Reach Rain-Making Corporate Dealings Behind The Scene?

Some of the articles also shows some links between the professionals such as company secretary, investment bank and corporate merger and acquisition advisory firms Larry and his professional corporate associates have been dealing with.

On 13 May 2014, a newspaper The Star reported about Larry Tey’s investment vehicle as follows:

PETALING JAYA: YLI Holdings Bhd’s major shareholder Tan Sri Syed Mohd Yusof Syed Nasir has sold his entire 30.04% stake in the company to Suasana Karisma Sdn Bhd, a company controlled by some members of the existing management of the pipe manufacturer.

The transaction was effected through a married deal last Friday where Suasana Karisma acquired Syed Yusof’s interest of 29.57 million shares at RM1.10 per share, valuing the deal at RM32.53mil.

Syed Yusof is the chairman of YLI. It is still unclear whether he will stay on YLI’s board as chairman following the latest transaction.

Syed Yusof is better known as the franchise holder of Hard Rock Cafe in Malaysia. His entry into YLI in 2007 had sparked speculation that the pipemaker would be a beneficiary of the construction of the Langat 2 water-treatment plant in Selangor. The project, however, has yet to take off.

Syed Yusof, who was appointed as YLI chairman in August 2007, had emerged as a substantial shareholder in YLI shortly before that with a 30% stake in June 2007.

According to reports, he had acquired the stake from the Loh family at RM2.90 per share, valuing the deal at RM86mil.

Suasana Karisma’s substantial shareholders are YLI’s present managing director Datuk Samsuri Rahmat and executive director Ali Sabri Ahmad, statements to Bursa Malaysia showed yesterday.

Samsuri, who was formerly YLI’s chief operating officer, was appointed its managing director in June 2008.

He had held various key positions in the public sector for 16 years before joining the private sector in 1996. Prior to joining the company, he was the executive vice-chairman and executive director of TRIplc Bhd.

Ali Sabri, meanwhile, was appointed the company’s executive director in June 2008. He has more than 20 years experience in major construction projects in Malaysia and abroad.

Further details on Suasana Karisma obtained from the Companies Commission of Malaysia showed that its other listed shareholders are Shairah Begum Kadar Bashah and Fatimah Sulaiman.

Suasana Karisma is categorised as a land and property investment holding company with a paid-up capital of RM2 which was registered in January last year.

Interestingly, Shairah Begum and Fatimah in late 2012 had also emerged in Protasco Bhd with a 27.11% stake via Kingdom Seekers Ventures Sdn Bhd, which is also registered as a land and property outfit.

Source: Syed Yusof sells entire 30% YLI stake to Suasana Karisma for RM32.53mil

ACQUISITION OF 100% EQUITY INTEREST IN IVORY BENEFIT SDN BHD BY ENGTEX GROUP BERHAD

Introduction

The Board of Directors of the Company wishes to announce that Engtex Group Berhad (“Engtex”) had on 4th February 2013 acquired two (2) ordinary shares of RM1.00 each (“Shares”) representing 100% equity interest in Ivory Benefit Sdn Bhd (Company No. 1024158-A) (“IBSB”) from Shairah Begum binti Kadar Bashah and Fatimah binti Sulaiman for a total cash consideration of RM2.00 only (“the Acquisition”). The purchase consideration were based on the par value of the Shares in IBSB and were funded by internally generated fund.

Following the Acquisition, IBSB becomes a wholly-owned subsidiary of Engtex.

Source: ACQUISITION OF 100% EQUITY INTEREST IN IVORY BENEFIT SDN BHD BY ENGTEX GROUP BERHAD

SINGAPORE POST LIMITED
(Incorporated in the Republic of Singapore)
(Company Registration Number: 199201623M)
ACQUISITION OF SUBSIDIARY
The Board of Directors of Singapore Post Limited (the “Company”) wishes to announce that General Storage Company Pte. Ltd. (“GSC”), an indirect wholly-owned subsidiary of the Company, had on 20 December 2013 acquired 2 ordinary shares of RM1 each representing 100% equity interest in Collective Developers Sdn. Bhd. (“CDSB”) from Shairah Begum binti Kadar Bashah and Fatimah binti Sulaiman for a total cash consideration of RM2 (or approximately S$0.75 based on the exchange rate of RM2.59 to S$1, which exchange rate is used hereinafter) (the “Acquisition”). With the Acquisition, CDSB has become an indirect wholly-owned subsidiary of the Company.

singapore-post

Googling as the “main source” of reference for financial journal. Outrageous or irresponsible?

Interesting as it is, these trails leaves Larry Tey’s corporate associates dealings in long history of corporate deals behind the scene looks far reach. Which banker doesn’t? Not only it’s normal for corporate dealers and businessman to do deal – which is their duty, the journalist found them fancy as news worthy as celebrities and sports heroes. The habit to quote “other people’s quote” is strangely being practiced and forced to accept by readers, which includes the authorities or law makers as a (lazy) way to build references. What a joke, in deed, accept the fact that this is the Internet world we all live in the 21st century.

rainmaker-larry-tey-por-yee

Subsequently, following these pick-and-use culture, another Malaysia financial publication, The Edge Daily, on October 2015 (more than 1 year after The Star statement), quoted on similar trails, which quoted Larry’s name as the finger print of many corporate deals, including some of government linked corporate dealings, and Google search saw deals involved Singapore Post as one of the client. Singapore Post, a blue chip Singapore government linked corporation (GLC)? Before we know the actual story, would it be interesting how “far reach” Larry had his dealings stretched, not only Malaysia but also Singapore GLCs?

If indeed he is the rainmaker, it would be pity that one of his deal was twisted to feed the greed of of his client (business partner) in construction business, and caused his name some damages. After all, it looks like Larry was doing deals nothing different from other businessman. For all we know, this could be just one of the bad deal Larry had, and he may care less by looking at the scope of dealings he involves. It’s piece of the puzzle for all these corporate dealers, and welcome to corporate world.

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