Construction company TISB refutes claims of improper share sale
Infrastructure construction company Trenergy Infrastructure Sdn Bhd (TISB) has rejected claims that the sale and transfer of its shares to a Sarawak-based firm were improper, saying the deal was conducted transparently and in the best interests of the parties involved.
In comments provided by its counsel, Ashok Kandiah and Dinesh Ratnarajah, TISB said an article published by FMT titled Dubious Deals, white knight fiasco at Sarawak Cable contained several inaccuracies and omissions relating to the disposal of shares in the company.
According to the lawyers, the value of the sale and transfer of TISB shares was revised and reduced after new shareholders discovered previously undisclosed debts amounting to about RM20 million, which directly affected the company’s…
