Close to two-thirds of TPG shares will be released from escrow this week, with talk of former boss David Teoh offloading his remaining shares in the company as soon as he is able to
On Wednesday, July 13, shares accounting for 63.8 per cent of the company are released from escrow.
These include Teoh’s 13.7 per cent, two 11.14 stakes held by Chinese company Hutchison 3G Australia, and Vodafone Oceania, and a 27.82 per cent holding for Vodafone Hutchinson.
Following the 2020 Vodafone Hutchison/TPG merger, each of the above parties were restricted from selling off more than 20 per cent of their holdings within two years.
Teoh left TPG last March, and sold his maximum-allowed 3 per cent in December, shedding 53.1 million shares for $335 million.
Now pundits are wondering whether he will be keen to completely remove himself from the company he spent thirty years building.
Teoh still runs TPG’s Singapore business, which demerged from TPG after the 2020 merger.