KUALA LUMPUR: United Malacca Bhd has announced that its executive director Datuk Seri Tee Lip Sin has passed away at the age of 55.
In a filing with Bursa Malaysia, the plantation company said Tee began his career as an executive at Prosper Capital Holdings Sdn Bhd in 1995 before rising to become an executive director.
He was the group managing director of Prosper Group and a director of Prosper Capital Holdings, a substantial shareholder of United Malacca.
Tee also served as a director of Australia-listed PRL Global Ltd, Phosphate Resources (Malaysia) Sdn Bhd, Phosphate Resources (Singapore) Pte Ltd and several private companies involved in plantation and milling businesses.
He held a Master of Business Administration from the University of Sunderland and a degree in Business Administration from the University of Wales.
Tee held 1.98 million United Malacca shares directly and 179,700 shares indirectly, through his spouse and children.
His death came two days after United Malacca announced a mandatory general offer (MGO) at RM6.10 a share by Prosper Trading Sdn Bhd, Tee Kim Tee and Tee Cheng Hua.
The offer followed Prosper Trading's acquisition of a 13.44 per cent stake in United Malacca from Great Eastern Life Assurance (Malaysia) Bhd for RM171.93 million.
United Malacca shares were halted an hour after the announcement before closing unchanged at RM6.04, valuing the company at RM1.27 billion.
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