KUALA LUMPUR, Malaysia, Dec. 2, 2014 (GLOBE NEWSWIRE) -- Mr. Vincent Tan, the largest shareholder of MOL Global, Inc. (Nasdaq:MOLG) today made the following statement in support of the company:
"MOL has encountered some difficulties over the last several days relating to an accounting error at its Vietnam subsidiary, a delayed earnings release and trading halt, and the departure of its CFO, Allan Wong. The timing of Allan's departure for personal reasons which unfortunately coincided with the delay in the earnings release have resulted in some unhealthy speculation on the company's financial numbers, and the stock price has been, in my view, unfairly punished.
"I have the utmost confidence in the management and MOL and none of these unfortunate events alters my very positive view of the underlying business of MOL. I have communicated my support to the management team at MOL, and while I know they are currently working very hard on addressing the issues that have arisen, I have encouraged them to continue to remain focused on executing their business plans.
"I also am very supportive of the board's decision to implement a share buyback plan, as I believe that at the last closing price the stock is significantly undervalued.
Tan Sri Dato' Seri Vincent Tan Chee Yioun"
CONTACT: Tan Sri Vincent Tan Tel: 603-21491980 Email: email@example.com MOL Global, Inc. Alvin Tan Tel: +65-6221-5680 Email: IR@mol.com ICR, Inc. Calvin Jiang Tel: +1 (646) 405-4884 Email: IR@mol.comSource:MOL Global, Inc.