Tek Che Ng
About Tek Che Ng
Tek Che Ng, 68, is Chairman of the Board and Chief Executive Officer of Technology & Telecommunication Acquisition Corporation (TETEF), a Cayman Islands SPAC; he holds an MBA from Charles Sturt University and a Diploma in Mechanical and Automotive Engineering from Tunku Abdul Rahman College . As a SPAC, TETEF has no operating revenues; net income in FY2024 was driven by trust interest ($1.68M) offset by operating costs ($1.06M); the shares were delisted from Nasdaq on Jan 23, 2025 and now trade on OTC Pink as TETEF (shares), TETWF (warrants), and TETUF (units) . The sponsor (managed by Ng) beneficially owns 3,407,500 shares (85.57% of outstanding) via Technology & Telecommunication LLC, closely aligning him with equity outcomes pre-business combination .
Past Roles
| Organization | Role | Years | Strategic impact / notes |
|---|---|---|---|
| Bayan Development Sdn Bhd (formerly GE Properties Sdn Bhd) | Director | Aug 2019–present | Oversaw operations of a property developer; internal projections cited ~RM1.2B gross development value for current project . |
| Milux Corporation Bhd (KLSE-listed) | Executive Director | Aug 2016–Jul 2019 | Led business and market expansion, especially overseas for an appliances manufacturer . |
| Prime Oleochemical Industries Sdn Bhd | Chairman/Director & Shareholder | Oct 2012–present | Led R&D, manufacturing, and global marketing of premium glycerin transparent soaps/personal care products . |
| Mines Resort Berhad | Chief Executive Officer | Nov 2012–Apr 2014 | Ran a diversified property conglomerate (property, health, hospitality, membership, tourism, education) . |
| Metronic Global Berhad / Metronic Engineering Sdn Bhd | Founder (MESB, 1986); Group Managing Director (MGB) | 1986; 2004–2012 | Built IBMS/ISMS integrator; listed MGB (2004), moved to Bursa Malaysia main market (2007) . |
External Roles
| Company/Institution | Capacity | Timing | Notes |
|---|---|---|---|
| Multiple Malaysian private companies (e.g., Metronic Impact, Datarich Asia, Lumayan Klik, Rimbun Berseri, Finnex Risk Management, Meeka Yogurt, M Nine One Resources, Young Diet, Young Dessert, Young Life, Healiving Supplies, Mewah Binajaya) | Director/Shareholder | Various 2013–present | Ongoing directorships across engineering, consumer, and services entities . |
| Current public company boards | None disclosed | — | No current public company directorships disclosed beyond TETEF . |
Fixed Compensation
| Element | 2024/2025 Status | Notes |
|---|---|---|
| Base salary | None (pre-business combination) | SPAC policy: no cash comp to officers prior to closing a business combination . |
| Target/Actual bonus | None (pre-business combination) | No bonus program disclosed prior to business combination . |
| Director fees | Not disclosed | Disclosure focuses on officers; no director fee schedule disclosed . |
| Administrative support fee | $10,000/month to Sponsor | For office space, utilities, and admin support; ceased at business combination or liquidation . |
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| No incentive plan disclosed pre-business combination | — | — | — | — | — |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total beneficial ownership | 3,407,500 shares via Technology & Telecommunication LLC (Sponsor); Tek Che Ng, as manager of the Sponsor, may be deemed to share beneficial ownership . |
| Ownership as % outstanding | 85.57% (based on 3,982,043 shares outstanding as of Mar 13, 2025) . |
| Instrument type | Founder shares and private placement shares held via Sponsor (convertible founder shares were previously outstanding; equity plan: none) . |
| Options/RSUs | None disclosed; no equity compensation plans outstanding . |
| Pledging/hedging | Not disclosed in filings . |
| Transfer/lock-up | Founder and placement shares subject to transfer restrictions (limited exceptions) . |
Employment Terms
| Term | Status |
|---|---|
| Employment agreement | None with executive officers . |
| Severance provisions | None disclosed; no agreements to provide benefits upon termination . |
| Change-of-control | None disclosed; compensation to be determined post-business combination by future board/comp committee . |
| Non-compete / Non-solicit | Not disclosed . |
| Clawback policy | Not disclosed; no indication of a clawback policy in current filings . |
Board Governance
- Roles: Tek Che Ng serves as Chairman and CEO (dual role), with three independent directors on the board .
- Committees: Audit Committee (Chair: Kiat Wai Du; members: Raghuvir Ramanadhan, Virginia Chan; independent); Compensation Committee (Chair: Virginia Chan; members: Raghuvir Ramanadhan, Kiat Wai Du; independent) .
- Independence and oversight: Committee composition is fully independent, but CEO/Chairman duality centralizes authority; independent committees oversee financial reporting and (future) compensation .
- Delisting and venue: Securities were suspended from Nasdaq and migrated to OTC Pink on Jan 23, 2025 (potential governance/visibility impact) .
Related Party Transactions and Potential Selling Pressure
| Item | Key terms |
|---|---|
| Sponsor administrative fee | $10,000/month for office/admin; payable to Sponsor until business combination or liquidation . |
| Sponsor extension loans (Nov 30, 2024) | $2,766,371 outstanding; non-interest bearing; for extension payments; convertible at closing into units at $10.00 per unit (up to $1.5M in working capital loans also convertible) . |
| Sponsor extension loans (May 31, 2025) | Aggregate $2,817,736 loaned for extensions; convertible into 281,773 units at $10.00 per unit at Sponsor’s discretion . |
| Jan 20, 2025 Non-Redemption Agreement | Investors agreed not to redeem; post-close: Sponsor forfeits 150,000 shares and Company issues 150,000 new shares to Investors (or cash alternative equal to 30% of per-share redemption price × 150,000) . |
| Apr 14–16, 2025 Second Non-Redemption Agreement | Sponsor forfeits 53.2% of 560,061 shares; Company issues an equal number of new shares to Investors (or cash alternative tied to April terms) . |
| Founder/placement share transfer restrictions | Founder and placement shares subject to transfer restrictions with limited exceptions . |
Implication: Convertible extension loans and non-redemption share issuances/forfeitures can add to future share supply post-close, creating potential selling pressure/dilution around the business combination .
Risk Indicators & Red Flags
- Going concern: Auditor and management cite substantial doubt about ability to continue as a going concern without a timely business combination; limited working capital outside the trust .
- Delisting: Securities delisted from Nasdaq and now trade on OTC Pink, implying reduced liquidity and potential financing constraints .
- CFIUS risk: Sponsor controlled by a Malaysian citizen (Ng); potential CFIUS review could delay/prohibit U.S. target combinations, limiting target pool and timing .
- Related party financing concentration: Significant sponsor-provided extension loans and administrative fees; convertible features may influence incentives and dilution dynamics .
- Control concentration: Sponsor beneficial ownership ~85.57%, concentrating voting control pre-business combination .
Performance & Track Record
- Operating performance: As a SPAC, TETEF reported interest income from the trust and no operating revenues; FY2024 net income $617,298 driven by trust interest ($1,675,709) vs. formation/operating costs ($1,058,411) .
- Market venue change: Transition to OTC Pink on Jan 23, 2025 may reduce analyst coverage/liquidity .
Investment Implications
- Alignment: Extremely high pre-business combination equity alignment via Sponsor’s 85.57% beneficial stake (Ng as Sponsor manager), but this also concentrates control and creates potential conflicts typical of SPACs (e.g., incentive to complete any deal over liquidation) .
- Limited near-term pay-for-performance linkage: No salary/bonus/equity incentives pre-close; post-close comp will be set by the new board/comp committee, so current incentive alignment is primarily through sponsor equity economics, not operating KPIs or TSR plans .
- Supply/dilution overhangs: Extension loans convertible into units and non-redemption share issuances/forfeitures introduce additional share supply risk around closing, potentially pressuring post-deal trading .
- Execution risk: Going concern warnings, CFIUS constraints, and OTC trading status elevate transaction/execution risk and potential timing slippage to close, heightening the probability of additional extensions or liquidation scenarios .
- Governance: Independent audit/comp committees provide oversight, but CEO/Chair dual role concentrates authority; investors should monitor post-combination governance structure (separation of roles, adoption of clawbacks/ownership guidelines) for future alignment .