This article first appeared in The Edge Malaysia Weekly on December 29, 2025 - January 4, 2026

Former executive deputy chairman and major shareholder of T7 Global Bhd

A sudden leadership shake-up at Main Market-listed energy solutions provider T7 Global Bhd (KL:T7GLOBAL) has rattled investors and thrust veteran oil-and-gas (O&G) executive Tan Sri Tan Kean Soon into the limelight.

Tan, 61, resigned as executive deputy chairman at end-March, citing personal reasons. The market’s reaction was swift, sending T7 Global’s stock plunging 32% at the April 2 open to 34 sen — its lowest level in more than a year. The sell-off underscored both Tan’s influence at the company and the uncertainty surrounding his abrupt exit.

In its response to Bursa Malaysia, T7 Global said Tan had not informed the board of any investigation involving him and confirmed that the company itself was not under any probe.

Tan is no stranger to corporate turbulence. He assumed control of T7 Global, then Tanjung Offshore Bhd, during a period of boardroom turmoil that culminated in fraud and money-laundering charges against a former top executive. Under Tan’s leadership, the company diversified beyond O&G into aerospace and boasted an order book of RM4.5 billion as of 2024. A standout win came in 2022 when a T7-Siemens Logistics consortium secured a contract to upgrade the baggage handling system (BHS) at Kuala Lumpur International Airport’s Terminal 1.

Despite stepping down, Tan remains a significant shareholder with an 8.22% direct stake and a 5.93% indirect stake. His sons — executive director Tan Kay Vin and group CEO Tan Kay Zhuin — continue to occupy senior roles, though Kay Zhuin was redesignated as an executive director in December as the company brought in Azman Yakim to lead the next phase.

For now, Tan Sri Nik Norzrul Thani, T7 Global’s executive chairman and largest shareholder with a 0.111% direct stake and a 25.41% indirect stake, is steering the ship. With shares down 38% this year and the BHS project under scrutiny, investors are watching whether T7 Global can steady itself and deliver on its flagship aerospace project. — By Kang Siew Li

Executive chairman of VS Industry Bhd

VS Industry Bhd (KL:VS) executive chairman Datuk Beh Kim Ling, 67, has pared down his stake in the Johor-based electronics manufacturing services (EMS) firm. In September alone, he had divested 174.4 million shares across 12 transactions worth a cumulative RM99.9 million.

His son and executive director Beh Chern Wei also sold 32.3 million shares, or a 0.79% stake, for RM18.7 million during the same month.

The disposals came as VS Industry posted a net loss of RM33 million in the fourth quarter ended July 31, 2025 (4QFY2025), compared with a net profit of RM126.6 million a year earlier.

Revenue fell 29% year on year to RM858.8 million from RM1.21 billion, affected by reciprocal US tariffs that dampened demand.

Amid the selling pressure, 69-year-old Datuk Gan Sem Yam — Beh’s brother-in-law — on Oct 2 acquired 29 million shares via an off-market transaction valued at RM14.82 million. He surfaced as a substantial shareholder while absorbing some of the market impact.

Meanwhile, Beh, who owned a 14.98% stake in VS Industry at end-October 2024, has now ceased to be its single largest shareholder.

The latest list of substantial shareholders as at Oct 31, 2025, shows that Beh is now left with a 9.67% stake and Gan has a 5.39% stake. In fact, the Employees Provident Fund (EPF) is now the single largest shareholder of VS Industry with a 10.26% stake.

Despite the challenging operating environment, VS Industry said its operations remain intact, its customer base is stable, and production in the Philippines is gradually ramping up.

Observers note that the share disposals by Beh and his son reflect a cautious stance amid weaker results, while Gan’s intervention shows his efforts to stabilise the stock.

Looking ahead, market watchers will be watching whether VS Industry can regain momentum and whether Beh will continue to trim his holdings.

But for now, the retail investors and minority shareholders are licking their wounds after a turbulent year. Year to date, VS Industry’s shares have declined 62% to close at 44 sen, giving the company a market capitalisation of RM1.74 billion. — By Liew Jia Teng

Chairman of Frazel World Sdn Bhd

Six listed firms associated with Datuk Keh Chuan Seng came under the spotlight early this year — not for the right reasons.

K Seng Seng Corp Bhd (KL:KSSC), Tex Cycle Technology (M) Bhd (KL:TEXCYCL), Ge-Shen Corp Bhd (KL:GESHEN), ES Sunlogy Bhd (KL:SUNLOGY), Agricore CS Holdings Bhd (KL:AGRICOR) and EG Industries Bhd (KL:EG) saw heavy selling pressure in March, though the trigger for the selloff remained unclear.

Following the sharp share price declines, K Seng Seng, Tex Cycle and Ge-Shen announced Keh’s resignation as their executive chairman. He cited personal circumstances. In a rare joint statement, the three firms assured investors that Keh’s departure would not impact their business operations or strategic plans.

Keh has since reduced his shareholding to 18.64% in K Seng Seng, 24.06% in Tex Cycle and 18.74% in Ge-Shen, from 22.98%, 26.44% and 29.59% respectively prior to the selloff.

Notably, Keh was a promoter of ES Sunlogy and Agricore, which debuted on the local bourse in February 2025 and June 2024 respectively.

He resigned as non-independent non-executive deputy chairman of Agricore, an agricultural food ingredients distributor, on March 22. As at Nov 12, he had trimmed his stake to 23.04% from over 33% at end-March.

At ES Sunlogy, he ceased to be a substantial shareholder on Dec 1 after reducing his stake in the electrical and solar engineering company to 4.99% from 28% early this year.

Keh, 54, began his career in Japan in 1991 where he was involved in real estate development, hospitality, agricultural, asset investment and financing. In 2010, he ventured into the property development business in Kedah and Southern Thailand. He also has exposure to the food and beverage sector in Japan, as well as the fisheries industry and bird’s nest trading in Malaysia.

He remains chairman of Frazel World Sdn Bhd, a property developer he founded in 2014. — By Lee Weng Khuen

Save by subscribing to us for your print and/or digital copy.

P/S: The Edge is also available on Apple's App Store and Android's Google Play.