Palette Multimedia's shares continue to rise following chairman's clarification

PETALING JAYA: Palette Multimedia Bhd’s share price rose 3.85% following chairman and managing director Eg Kah Yee’s clarification on MyEG Services Bhd managing director Wong Thean Soon’s disposal of shares in Palette.
At 11.12am, its share price rose 3.85% or 1.5 sen to 40.5 sen with a total of 9.74 million shares traded. Yesterday, it gained 3.5 sen or 9.86% to 39 sen, with some 46.16 million shares done.
On Monday, Wong issued a statement in response to news reports published last week, stating that he had sold off his holdings in Palette and will refrain from making any passive investments in listed equities in the future.
Wong explained that his move was due to the fact that certain media had picked up the information in the annual reports and created a misconception of an impending corporate exercise in the companies.
On Tuesday, Palette’s share price skidded 12.35% to 35.5 sen following Wong’s statement.
Yesterday, Eg told reporters after its AGM that Wong was “unprofessional” for making a statement involving his group’s stock recently.
“I have no idea why he had to announce it because it was really unprofessional. To me that was uncalled for as no one asked him to do that,” he said.
“He sold off his stake quite some time ago. He actually sold probably about 10 days before making the announcement. The sad thing is that why did he go to the media?” he questioned.