United Malacca Bhd executive director Datuk Seri Tee Lip Sin has died at the age of 55, prompting an hour-long trading halt on Bursa Malaysia as the plantation group faces an active RM6.10-a-share mandatory general offer from his family’s vehicle.
Datuk Seri Tee Lip Sin passed away on Wednesday, October 14, 2026, according to filings submitted to Bursa Malaysia by United Malacca Bhd. The plantation company’s shares were halted at 2.30pm for one hour before resuming trade and closing unchanged at RM6.04, valuing the 116-year-old firm at RM1.27 billion.
Tee Built a Career Spanning Decades in the Plantation Sector
Tee built a multi-decade career within the plantation and milling sector, starting as an executive at Prosper Capital Holdings Sdn Bhd in 1995 before rising to executive director and group managing director of Prosper Group. His board tenure at United Malacca began in October 2019, when he joined as an alternate director to his uncle, Tee Cheng Hua. He transitioned to a non-independent non-executive director in February 2021 and was redesignated as a non-independent executive director in January 2023.
Company filings show he held 1.98 million United Malacca shares directly alongside another 179,700 shares held indirectly through his spouse and children. He was the son of prominent businessman Tee Kim Tee @ Tee Ching Tee. Beyond his responsibilities at United Malacca and Prosper Capital Holdings, Tee served on the boards of several related enterprises. He held directorships at Australia-listed PRL Global Ltd, Phosphate Resources (Malaysia) Sdn Bhd, Phosphate Resources (Singapore) Pte Ltd, and multiple private milling and plantation firms.
Prosper Trading Triggered a Mandatory Offer After Buying Shares
Two days prior to the announcement, Prosper Trading Sdn Bhd acquired a 13.44% stake in United Malacca from Great Eastern Life Assurance (Malaysia) Bhd for RM171.93 million. That transaction triggered a mandatory general offer at RM6.10 per share, proposed jointly by Prosper Trading, Tee Kim Tee, and Tee Cheng Hua, elevating the Tee family’s combined equity holding in the company from roughly a third to 47.7%.
The family also moved to address an unresolved regulatory obligation dating back to September 2024. At that time, the aggregate shareholding of Prosper Trading, the two brothers, and their associates rose from 32.63% to 33.70%, crossing the 33% threshold that mandates a formal takeover offer under local market rules. Because that offer was not initiated at the time, the proponents structured the current bid to settle the past obligation through a new takeover offer and a separate cash compensation scheme.
Eligible Shareholders Can Claim Compensation Until December
Eligible shareholders who disposed of United Malacca shares below the RM6.10 offer price between September 26, 2024, and October 9, 2026, are entitled to claim the price difference under the family’s compensation scheme through a December 17, 2026 deadline.
Prior to the trading suspension, the target’s stock traded flat at RM6.04. Ahead of the developments, Kenanga Research advised shareholders to reject the takeover bid, arguing that the RM6.10 offer price undervalues the plantation group when measured against its RM7.44 net tangible asset (NTA) per share.