31 May 2017, Road maintenance company Protasco Bhd since the single largest shareholder cum Executive Director Chong Ket Pen took control 3 years ago had saw series of massive press coverages and public relations promoting company prospects and Chong personal publicity being excessive. The share price however had been consistently going downhill over the last 3 years, with dividend yield lower than share price declines, and profit margin going South. The golden days of high margin concession income during the former substantial shareholders’ era had faded.
The mysterious shareholders fight between Chong and new substantial shareholders was classic, where Chong won the battle only to know that the plate is too large for him to chew. While Chong is trying to recreate the old glory of former substantial shareholders, business environment had gone against him. Share price tanked, and institution investors fled. However, this has created buying opportunity for other institution investors such as Employees Provident Fund Board (EPF) to collect over 25,742,000 shares, or 6% as of 29 May 2017.
Bursa Malaysia had shown EPF announcements as follow:
25 May 2017 - Great Eastern Holdings Limited exit being a substantial shareholder
26 May 2017 - EPF acquired additional 635,000 shares to add up to 21,503,900 shares
29 May 2017 - EPF acquired more shares
30 May 2017 - EPF acquired more shares
31 May 2017 - EPF acquired more shares
The accumulation of shares by EPF is likely to happen over time, which gave the company short term relieves from negative perception and loss of investors’ confidence. With the few left over government linked public listed company control by Chinese businessman in the market, the shareholders fight had created perfect opportunity for predatory funds to take the last prize. The current single largest shareholder worst nightmare and fear of losing power might just got started and turns reality eventually.
FL FinNews
PROTASCO BERHAD |
Name | EMPLOYEES PROVIDENT FUND BOARD |
Address |
Tingkat 19, Bangunan KWSP, Jalan Raja Laut Kuala Lumpur 50350 Wilayah Persekutuan Malaysia. |
Company No. | EPF ACT 1991 |
Nationality/Country of incorporation | Malaysia |
Descriptions (Class) | Ordinary Shares |
No | Date of change |
No of securities
|
Type of Transaction | Nature of Interest |
1 | 26 May 2017 |
1,808,400
|
Acquired | Direct Interest |
Name of registered holder | CITIGROUP NOMINEES (TEMPATAN) SDN. BHD. | |||
Address of registered holder | LEVEL 42, MENARA CITIBANK, 165 JALAN AMPANG, 50450 KUALA LUMPUR | |||
Description of "Others" Type of Transaction |
Circumstances by reason of which change has occurred | Acquired |
Nature of interest | Direct Interest |
Direct (units) | |
Direct (%) | |
Indirect/deemed interest (units) | |
Indirect/deemed interest (%) | |
Total no of securities after change | 25,742,000 |
Date of notice | 29 May 2017 |
Date notice received by Listed Issuer | 31 May 2017 |
Company Name | PROTASCO BERHAD |
Stock Name | PRTASCO |
Date Announced | 31 May 2017 |
Category | Change in the Interest of Substantial Shareholder Pursuant to Section 138 of CA 2016 |
Reference Number | CS2-31052017-00017 |
Chart | Stock Name | Last | Change | Volume |
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Created by Tales4dogs | Sep 11, 2017
Created by Tales4dogs | Jun 08, 2017
All stories are the same story. Chong Ket pen steals and cheats protasco from investors. full stop. https://chongketpenmovie.wordpress.com/
2017-07-16 15:26
Yaokanhakzan
酱包赚有多少买多少啦。还讲酱多。张出殡会抢票。棺材本都赔了也要买。
2017-06-01 18:49