T7 Global shares surge nothing to do with ECRL, Kit Siang’s aide claims

T7 Global shares surge nothing to do with ECRL, Kit Siang’s aide claims

KUALA LUMPUR,. The recent rise in the shares of T7 Global Bhd was not related with the government’s announcement to retain the East Coast Rail Line (ECRL) project, DAP leader Lim Kit Siang’s political secretary said today.

In a series of tweets, Syahredzan Johan pointed out that the Finance Ministry had, earlier this month, told international magazine Nikkei Asian Review that the project would not be scrapped, but T7 share prices did not change then.

“When the report was published on Friday, June 1 and Monday, June 4, T7 share prices had not changed.

“The graphs of share prices of T7 from May 28 to date, June 26 shows no change. I do not know why there is a rise or fall but what is sure is that the high surge took place between Friday, June 22 and Monday, June 25,” he said.

Syahredzan also rebutted the perception that the rise in T7 Global shares was due to the ECRL announcement, as the company has not been awarded the contract for the project.

“People said it (the surge) was because of the interview with the Finance Minister on Saturday, June 23, after the government said the ECRL would be continued.

“Is this true? But T7 had not yet been awarded any ECRL contract yet. Before this, when the Finance Minister spoke to Nikkei Asian Review, why had the shares not risen?” he questioned, referring to Finance Minister Lim Guan Eng, who is also DAP secretary-general.

Syahredzan said the perception that T7 Global would be awarded the ECRL project was due to its link with business tycoon Tan Sri Vincent Tan, as speculated by Twitter user @TheDukeofKL on June 24.

“Who would benefit in this game of perception? Those who have a share in T7? @TheDukeofKL? I would not know.

“But if we say @TheDukeofKL does have a share in the company, and this perception arises to ensure the share prices in the company to hike, then people like that would benefit as well,” he said.

The shares of T7 Global, formerly known as Tanjung Offshore Bhd, soared to a high of 56.5 sen, up 34.5 per cent.

Berjaya Group owner Tan was reported to be a substantial shareholder of T7 Global, with the acquisition of 21 million shares or a 5.04 per cent stake.

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