T7 Global sees transfer of 74.18 million insider shares worth RM8.53 million

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T7 Global internal share transfer

Highlights

T7 Global recorded an internal transfer of 74.18 million shares at 11.5 sen per share, valued at RM8.53 million, nearly half the market price.
Following the disposal, Law now holds 128.1 million shares, but her interest remains below that of executive chairman Tan Sri Dr Nik Norzrul Thani N Hassan Thani, who holds 25.516%.
Kean Soon, facing court proceedings over allegations of fraud involving more than RM10 million, resigned in March 2025, and T7 Global shares are down 20% year to date.

This article was translated from the original. Read the original version by our correspondent here.

Transaction details and changes in shareholdings

The Edge Malaysia reported that the transaction was carried out at 11.5 sen per share, nearly half the market price on the day, for a total value of RM8.53 million. In separate filings with Bursa Malaysia on Monday, T7 Global said both transactions took place through direct business transactions on Friday, Oct 23.

Following the disposal, Kean Soon is no longer a substantial shareholder in the oil and gas services provider. Law’s direct and deemed interests increased to 128.1 million shares, while her interest remains below that of the group’s executive chairman, Tan Sri Dr Nik Norzrul Thani N Hassan Thani, who holds a 25.516% interest, mainly through Abyssina Resources (M) Sdn Bhd.

The couple’s sons, Tan Kay Zhuin, 37, and Tan Kay Vin, 35, are both executive directors of the company. Meanwhile, Kean Soon’s brother, Datuk Tan Kean Seng, is deputy chief executive officer of the industrial solutions division.

Governance implications and share performance

The change in shareholding comes as Kean Soon faces separate court proceedings. On Oct 21, he pleaded not guilty to four charges of defrauding businessman Datuk Keh Chuan Seng of more than RM10 million, after allegedly claiming he could help resolve a money-laundering investigation and the freezing of bank accounts.

The alleged offences took place in March 2025. The court granted Kean Soon bail of RM1 million with one surety and set Jan 11, 2027, for the next case management hearing.

Kean Soon resigned as T7 Global’s deputy executive chairman on March 31, 2025, citing personal reasons. Following his resignation, the company informed Bursa Malaysia that it was unaware of any ongoing investigations involving the company. T7 Global shares closed unchanged at 23.5 sen on Monday, giving the company a market capitalisation of RM238.8 million, while the shares are down 20% year to date.

In our previous article on the impact of the 1MDB scandal on governance we highlighted how failures in controls, audits and checks and balances continue to fuel debate over who should be held accountable, including the role of the board of directors. We also discussed strengthening whistleblower protections and the need for internal auditors to move from retrospective reviews to earlier risk detection using data and a proactive approach.

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