The Store to pay MD’s firm RM130mil for shopping mall

PETALING JAYA: The Store Corp Bhd managing director Datuk Seri Tang Yeam Soon is expected to pocket at least RM130mil cash as shareholders passed a resolution to acquire a shopping mall from him at yesterday’s EGM. In addition, Tang may also receive debt repayments soon since The Store will assume the inter-company loan totalling RM43.9mil when the retail group buys out Jurus Kota SdnBhd (JKSB), the investment holding company of Alor Star Mall. The liabilities are owed to Y.S. Tang Holdings Sdn Bhd, whose major shareholders are Tang and his wife Datin Seri Khor Gaik Lee. The couple own JKSB as well. According to the circular to shareholders, The Store will settle the liabilities undertaken upon completion of the acquisition. Read More

(The Star 14-2-2008)