kcchongnz blog
Insas Berhad: Low-Risk Arbitrage kcchongnz
Prelude: This article aims purely to share some finance and investment knowledge. It is not a post to peddle any stock, which I have no interest nor any motivation and have never done that before. If you detest seeing my name or the subject matter, just don’t read it and waste your time. But if you open up your mind and choose to read it, you may learn something interesting in a very important concept in finance and investing. It is your choice folks. Your comments, good or bad, purely on the subject matter, is appreciated.
Deep value asset investing strategy
When it comes to investing in stocks, many cannot distinguish the difference between a great company and a good investment. A great company may not be a good investment if the price is grossly overvalued and vice versa. Those who are in the know also place greater emphasis on earnings of company as earnings in general drive the value and growth of a company and the price of its stock. Often, the company's balance sheet is ignored, even though it has huge amount of hard and marked to market assets way above the market cap of the company. Therefore, asset-rich companies occasionally trade well below its intrinsic value.
Deep asset bargain investing is about having a very conservative measure of intrinsic value, essentially liquidation value, and a large margin of safety, in order to try to buy a stock worth RM1 for, say, 50 sen. Some of the world’s most legendary investors like Ben Graham, Walter Schloss, John Neff, Marty Whitman and many others have made a mint out of this investment approach. In fact, I don’t think there is anyone else who has beaten the record of Walter Schloss who was one of the most influential investors based on his 5 decade long performance from 1955 to 2005, returning a CAGR of 21.3%, almost three times the 7% return of the S&P during the same period. $1000 invested with Walter Schloss with his deep value asset investing in a diversified portfolio would have become $17 million in the 25 years.
Quality of assets
It must be pointed out here that not all assets are the same. In fact, the difference can be vast ranging “from earth to heaven”. Take for example, in my previous article on “Any return flight from Holland to London?” in this link below,
https://klse.i3investor.com/blogs/kcchongnz/214995.jsp
I have demonstrated that although London Biscuits has a net asset per share of RM1.54. At the price of 16.5 sen now, it is traded at just a tenth of its book value, the mother of all deep value asset investing. However, as it is under PN17 and if it failed to regularize its operation, the shareholders are unlikely to get back any money upon the liquidation of the company as its assets are poor quality assets which made up mostly by the plant and equipment which are of not much use for others and receivables which have not been collected for long time and unlikely to be able to collect most of them. These are poor quality assets. Sendai is the same if not worse. There are many more.
What about the quality of the assets of Insas? We will use the latest financial statement of Insas Berhad for the quarter ended 30th March 2019 as examples.
Assets of Insas
Column 1 in Table 1 in the Appendix summarizes the assets of Insas as on 31st March 2019.
The net asset (Total assets-total liabilities) of Insas is RM1717m. With 663m shares outstanding, net asset backing per share is RM2.59. At the closing price of 80 sen on 19th July 2019, Insas is trading at less than a third of its book value. It would be of no use if the assets of Insas are made up of mainly plant and equipment and money owed by others, like what happens to London Biscuits above.
Two thirds of Insas’s assets are made up of cash in banks, money market fund, share investment mainly in public listed companies. These assets are high quality liquid assets which can readily be converted to cash.
Column 2 in Table 1 shows the weightage given to each category of assets and their net value calculated and shown in column 3. Cash and cash equivalent are given full weightage whereas Receivables and Investment in properties were given 25% discount. In the case of Associated companies, as there are market values for these assets such as shares of Inary at RM1.61, Ho Hup at 56.5 sen etc., the market value of approximately RM1b is used instead of the book value of RM429m. Inventories, Intangible and other assets are totally discounted. Even Property, plant and equipment are totally discounted too even though there is considerable value in the land and building and the rental cars it owns. The net value for each asset category is listed in column 4 in Table 1.
This analysis gives a total asset value of RM2523m and after subtracting the total liabilities of RM641m, the market value of the net asset is RM1882m, or RM2.84 per share. At a price of 80 sen, Insas is trading at more than RM2.00 below its conservative net asset value, or a discount of 72%. This means Insas is trading at 28 sen for a Ringgit of its conservative and mostly marked-to-market assets. Hence at least for the risk aspect, the downside risk is taken care of.
Insas at 80 sen, or a market cap of RM530m, with a total debt of RM411m, and RM130m in Preference shares, is trading below its cash and cash equivalent and marketable securities, or a negative enterprise value company. This provides an arbitrage opportunity for astute and rich investors.
Theoretically someone can borrow RM530m from banks to buy up all the shares in the open market at 80 sen, and after gaining control of the company, sell off Inari, Ho Hup and other shares, the and money market funds, strip off the cash in banks, payoff company loan of RM411m and RM130m to holders of Preference shares, and pay the bank loans of RM530m borrowed for this purpose, pocket RM870m cash left over, and still own the business for free.
This arbitrage opportunity as shown in Table 2 in the Appendix is used as a theoretical illustration purpose only. In practice, it is easier said than done though as there are problems in a hostile takeover attempt. At present, the major shareholders control just short of 33% of the outstanding shares of Insas. With another close to 100m warrants and a large portion of Preference shares which can be used as conversion price for the warrants, the major shareholders have a firm grip of the company. However, it would be interesting if the warrants are left to expire worthless in early 2020. If this hostile takeover can be done later by someone with deep pocket, huge reward is awaiting. Even if there is a takeover war going on, share price would also rise and benefit the existing minority shareholders.
Conclusions
Deep value investing is not easy. It requires patience, and a lot of patience. It is not for the faint hearted. Insas has been undervalued for a long time. A catalyst may be required to unlock the value. Fund managers and institutional investors will not be able to endure it as they will be long fired by their investors before value is unlocked due to their temporary under-performance. Most individual investors also have no stomach for it. They will be laughed at by others embarking in this strategy as it does look stupid at times. But if a stock is way undervalued, not only by 10%, 20%, or even 50%, but a much larger discount such as 72% as that of Insas, the probability of success is higher. Of course, nothing is certain in this world. But at least the chance of losing money is very slim as the extreme cheapness and quality assets would have taken care of this. Insas has also been providing satisfactory return over the years, and it is likely continue to do so even if the deep value is not unlocked.
Take care of the downside, let the upside takes care of itself.
What we are afraid of is if the value takes a long time to unlock, value may erode, such as in a business with persistence huge losses, burning cash in its operations, or management embarking on overvalued acquisitions, or squander away the cash it has, failed business ventures, or other shareholder value destroying activities. I my opinion, Insas does not belong to this category. Having different stocks with different return drivers in a diversified portfolio is also a smart strategy in investing.
KC Chong
Appendix
|
Table 2: Arbitrage opportunity |
RM million |
|
Borrow from bank and buy all Insas shares, million |
530 |
|
Pay for shares |
-530 |
|
Sell all shares of associated companies |
1000 |
|
Liquidate all other financial assets |
273 |
|
Strip off all Cash in banks |
668 |
|
Total cash available |
1941 |
|
Pay personal bank loan |
-530 |
|
Pay Preference shareholders |
-130 |
|
Pay all company debts |
-411 |
|
Total liabilities paid |
-1071 |
|
Pocket money |
870 |
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Discussions
7 people like this. Showing 50 of 205 comments
Posted by Sslee > Jul 21, 2019 11:52 AM | Report Abuse
Hahahaha,
Qqq3 everyone are qualified to talk investment only those pros trader like you who promoted Jaks and Sendai with margin finance and Sailang causing bloodbath everywhere and you profited from it again and again are deceitful, unethical and boy crying wolf so often. Now everyone know what you are up to.
2019-07-21 23:11
per B/S March 2019............
cash and deposits $ 660 million
other financial assets $ 245 million
less
client / trust accounts ( $ 100 million)
preference shares due ( $ 130 million)
loans/ borrowings ( $ 320 million )
sslee............if every thing is above board, they can mobilise $ 100 - $ 200 million no sweat.....if every thing is above board and the assets still with them.........
but is that called margin of safety? whose safety since u are not in management?
for fund managers, for portfolio managers, they don't like to invest in such companies with large assets but uncertain future clarity. Do not wish to wake up one morning and found the assets with ahmois., like 1 MDB...........
They prefer to put their money in Philips kind of companies whereby the money is employed in core operations............
2019-07-21 23:11
The RM1.3 billion of liquid market value of associate companies
are actually balanced by the following illiquidity
RM804 million in unquoted subsid
RM228.9 million of pledged FD
RM25 million of pledged cash
RM200 million in pledged financial assets at fair value
===> INSAS is locked in place, unable to move, only can receive dividend income or do share trading (trader guy dies company goes kaput)
the locked assets generate low ROA
2019-07-21 23:18
interest in Inari has been diluted from 20.2% to 19.1%, why sell the golden goose laying the golden eggs?
and I believe in the last Q (as far as I remember), RM50 million was consumed.
All is not well in paradise?
2019-07-21 23:30
Opportunity coming for insas, it is kambing...just a few more mths loh...!!
Boilermech is not as safe as Insas mah...!!
Btw people like Philip & 3iii will be laughing at u on your boiler mech pick, these people despise smallcap loh...!!
Raider think boilermech is a good stock loh....but not as good as insas loh....!!
Assuming boilermech. keep earnings..how long do u think boilermech can reach insas nta of Rm 2.54 per share, even we assume insas not making money {which is unlikely} just waiting for boilermech to catch up leh ??
Posted by cheoky > Jul 21, 2019 5:54 PM | Report Abuse
practise second level thinking pls.
after heavy discourse on insas by famous stockraider, sslee and kc buffet, insas still lingering there. Rumour of major holders thinking insas is dirt cheap yet market still stagnant the price. no more new value investor will go in. at least this year.
pls discourse more on boilermech, give same dividend, net cash and having a growing and bright future and selling cheaper than insas per unit. plus, i got vest invested. I will help you promote more. Mr Chia together Philip Fisher will work hard to ensure it too. Ms Yeo will love you too.
2019-07-21 23:37
The art of taking profit loh....!!
If insas want buy back inari....can get back cheaper today what ??
This prove Insas very savvy like berkshire hathaway loh...!!
Posted by i3lurker > Jul 21, 2019 11:30 PM | Report Abuse
interest in Inari has been diluted from 20.2% to 19.1%, why sell the golden goose laying the golden eggs?
and I believe in the last Q (as far as I remember), RM50 million was consumed.
All is not well in paradise?
2019-07-21 23:41
qqq u r a real trouble maker loh...!!
Why every time want to pick on OTB, SSLEE and KC for a fight leh ??
These are nice people they are not like u, always want to provoke others for a fight loh...!!
The way u argue also no good with no real points and substances, and always u kena hammered , when they response to u loh...!!
U better stop it loh...!!
Posted by qqq3 > Jul 22, 2019 12:08 AM | Report Abuse
otb..the more u write...the more every one can see u know nothing about accounts and less about accounting...u cannot even formulate your own observations other than plagiarize here, plagiarize there.........and plagiarizing wrong stuffs too..........
2019-07-22 00:17
y stockraider > Jul 22, 2019 12:17 AM | Report Abuse
qqq u r a real trouble maker loh...!!
============
I have no idea what u talking about but I have clear ideas what I am writing about...........
2019-07-22 00:22
Raider, u do realize I hold boilermech share by way of QL group right?
Ql green resources 44% owns boilermech is a subsidiary of QL resources....
I also own gkent which is also a smallcap.
I would far rather hold boilermech than INSAS btw as a company which has a clear direction and usage of funds and their market leadership is very clear cut and knowable.
A company which puts their money in Australia and gives out our to Mongolian companies I have no ability to understand why, how and when they will prosper.
Even your ability to see only 60-80 million of profit 5 years from now shows how confident you are in their long term prospects or their cash flow generating capability.
I don't despise smallcaps.
I just choose not to invest in companies with no durable long term competitive advantage.
If INSAS is the biggest brokerage firm in Malaysia with the best reputation and long term clientele different story.
If INSAS instead of selling inari from 44% to 19%, but instead increase to 100% and became direct subsidiary of INSAS very different story.
If INSAS property development was started 10 years ago, hohup developed crown imago Sabah 10 years ago instead of only now when property glut occur, very different story.
If INSAS instead of investing in dgsb, decided to put their money into timecom 5 years ago, very different story.
But raider still don't understand what is meant by understanding future cash flow 5 years from now. Where INSAS growth will be.
>>>>>>>>
stockraider Opportunity coming for insas, it is kambing...just a few more mths loh...!!
Boilermech is not as safe as Insas mah...!!
Btw people like Philip & 3iii will be laughing at u on your boiler mech pick, these people despise smallcap loh...!!
Raider think boilermech is a good stock loh....but not as good as insas loh....!!
2019-07-22 00:26
as for Insas...........for fund managers, for portfolio managers, they don't like to invest in such companies with large assets but uncertain future clarity. Do not wish to wake up one morning and found the assets with ahmois., like 1 MDB...........
They prefer to put their money in Philips kind of companies whereby the money is employed in core operations............
2019-07-22 00:32
as for Insas...........for fund managers, for portfolio managers, they don't like to invest in such companies with large assets but uncertain future clarity. Do not wish to wake up one morning and found the assets with ahmois., like 1 MDB...........
They prefer to put their money in Philips kind of companies whereby the money is employed in core operations............
ideally, companies have dividend policies and excess cash distributed to shareholders. Then people can select their investments based on the core operations...
so, what is the investment thesis for Insas? Because they have a lot of extra cash? sure the cash still there or not?
according to SSLee, about $ 100 million is in Australian banks.........sure still with them or not? or another 1 MDB?
I think fund managers prefers to see growth and not having to worry whether the cash still there or not.
2019-07-22 01:01
Dear all,
Sorry to see so many comments till late night and early morning. Please take care of your sleep.
Financial end 30th June 2018 annual report:
A. Deposits with licensed banks and financial institutions consist of the following:-
- fixed deposits 327,850,000
- short term deposits 244,853,000
Deposits placed with licensed banks and financial institutions amounting to RM228,902,000 (2017:RM229,885,000) of the Group are pledged to licensed banks and financial institutions as security for banking and credit facilities granted to the Group.
Deposits placed with a licensed bank amounting to RM1,193,000 (2017: RM1,162,000) of the Company is pledged as security for credit facilities granted to the Company.
Included in the cash and bank balances of the Group are:-
(a) an amount of RM486,000 (2017: RM477,000) maintained pursuant to Section 7A of the Housing Development (Control and Licensing) Act, 1966 and are restricted from use in other operations. The withdrawal of funds from the housing development account is restricted to cost incurred in respect of the development project.
(b) an amount of RM25,112,000 (2017: RM40,363,000) are pledged to certain licensed banks and financial institutions for banking facilities granted to the Group.
B. ASSOCIATE COMPANIES (RM)
Quoted shares in Malaysia, at cost 164,559,000
Unquoted shares in Malaysia, at cost 7,560,000
Unquoted shares outside Malaysia, at cost 27,158,000
Group’s share of post acquisition:
- profits less losses 94,764,000
- reserves 67,748,000
Less:-Accumulated impairment loss
- unquoted shares (4,161,000)
Total: 357,628,000
Represented by:-
Share of net assets 277,652,000
Goodwill on acquisition 79,976,000
Market value of quoted shares in Malaysia: 1,376,569,000
Note: On 29th June 2018: Market price Inari: RM2.26. HoHup: RM0.48
On 28th June 2019: Market price Inari: RM 1.60. HoHup: RM 0.525
C. Financial assets at fair value through profit or loss RM 236,562,000
Quoted securities, at market value
- in Malaysia 57,744,00. Gross dividend received RM 2,750,000
- outside Malaysia 178,818,000. Gross dividend received RM 6,797,000
The Group’s financial assets at fair value through profit or loss amounting to RM200,055,000 (2017: RM248,709,000) are pledged to certain licensed banks and financial institutions for banking facilities granted to the Group.
Quoted securities outside Malaysia: USA: RM 44,468,000. Singapore: RM 93,362,000. EU: RM 1,835,000. UK: RM 4,784,000. Australia: RM 6,045,000. HK: RM 23,373,000. Others: RM 4,951,000
D. Trade receivables: 376,481,000
- Of which Aggregate amount of outstanding loans as at 30 June 2018 by Insas Credit & Leasing Sdn Bhd: RM 208,135,000
9 months end 31th March 2019: After-tax-profit RM 64,192,000. Q4? (Inari positive, M&A positive, ICL positive, Investment finger crossed)
No matter how I present the facts and figures many will still twists and turn the facts and figures to suit their confirmation bias. But fortunately many big fund and institutional holders are investors of Inari. Hence I take it as holding 1 Insas is equal to indirectly holding 0.91 Inari share, is this alone good enough for me buying into Insas? Will everyone happy now?
Thank you
P/S: Bank Deposit in Australia is mean for a business investment but that business investment did not materialized thus remain as bank deposit because if remitted back to Malaysia it will take a lot of paper works (Central Bank) to remit out to invest outside Malaysia again (miss opportunity).
2019-07-22 07:47
cannot be jealous as I have no desire to be anybody adviser except my own adviser re stock market.............but professional opinion got..........
2019-07-22 10:50
happiness............happiness is like this biker.............can do his own thing.............
https://www.youtube.com/watch?v=mR4hzfPujpg
2019-07-22 10:59
happiness............happiness is like this biker.............can do his own thing.............
https://www.youtube.com/watch?v=mR4hzfPujpg
other people will say, don't cycle, cycling so dangerous.............
happiness is able to do own thing , whatever other people say. Happiness comes from confidence.....confident of one self, able to think independently
and of course, the happiest people in the world are the cyclist of Amsterdam......compared them with the KL drivers cursing in their cars..............
ps.......I got good memories of me cycling to school when young....alas, nowadays no body cycles to school.
2019-07-22 11:36
Dear i3lurker,
Well-said, give you a thumb up. That’s what friends are for. I had made peace with qqq3 and myself knowing that qqq3 can no longer had the ability to influence i3investor readers to margin finance and Sailang like what happen in JAKS and SENDAI he previously did and profited again and again from it at other people losses.
I am actually has my sympathy for him that he lost his job 20 year ago and never able to get a new job, this is terrible. I am glad to know that his two children and wife doing well. I wish him success in his stock trading.
I already stop name-calling on him but cannot resist myself to call him fake accountant because his understanding of accounting is so rusty despite I pointing out his mistake, “Dealer’s representatives’ deposits and clients’ trust monies received of RM81,667,000 are excluded from deposits with licensed banks and financial institutions and cash and bank balances of the Group in accordance with Financial Reporting Standards Implementation Committee Consensus 18: Monies Held in Trust by Participating Organisations of Bursa Malaysia Securities Berhad”
Anyhow I would like to politely ask OTB to not using my very rude and cruel name-calling on qqq3 (maybe fake accountant is still Ok). Let bygones be bygones, no point to visit our past animosity and trapped ourselves in the past.
Wishing all great success in whatever we are pursuing.
Thank you
P/S: qqq3 go get a bicycle and do cycling, that will sure make you happy.
2019-07-22 12:30
Insas is a serial acquirer. However, its allocation of capital to acquire numerous small companies destroy value, except for Inari.
2019-07-22 13:27
The benefit of Inari to Insas for now are 2 folds: Its dividends and the capital gains when Insas sells some of Inari’s shares.
2019-07-22 13:38
Many of the companies in Insas are running losses and poor performers, excluding Inari.
Some companies require huge recurring capex and many of the assets of Insas subsidiaries are non performing (rental yields) or gruesome business (car rental business).
2019-07-22 13:43
still remembering how calvintneng promoted
MULPHA 45 sen, (now RM 2)
BJCORP 60 sen, (now 25 sen)
PERISAI 50 sen,, (now delisted)
2019-07-22 23:35
Investment in insas call for a very successful investment tech, that very alien to Philip & 3iii loh....!!
AS RAIDER SAYS THERE ARE MANY WAYS TO SKIN A CAT LOH...!!
INSAS IS NOT SPECULATING THE FUTURE, IT IS LOOKING AT PRESENT VALUE OF INSAS EXCEEDING RM 3.00 V SHARE PRICE RM 0.80, THERE IS HUGE MARGIN OF SAFETY AND IT IS RUN BY A COMPETENT OWNER LOH...!!
ON THE OTHERHAND IF U INVEST IN NESTLE & Ql U NEED SPECULATE THAT FUTURE GROWTH OF YOUR STOCK WILL EVENTUALLY CATCH UP WITH THE YOUR PRESENT OVERVALUE STOCK PRICE OF MORE THAN PE 50X LOH...!!
THE FALLACIES OF THIS APPROACH IS THE COMPANY CAN GROW & GROW, OVER MANY YEARS LEH, WHAT HAPPEN SALES & PROFIT FALTER ??
WHERE IS YOUR MARGIN OF SAFETY LEH ?? FOR INSAS, ON OTHER HAND, U CAN SEE IT ALREADY HUGE MARGIN OF SAFETY, WHEN U BUY THE SHARE MAH...!!
(S=QR) Philip Raider, you realize the more you as info about INSAS, the worse the company sounds right? You are trying too hard to convince and win every argument.
1. You concept here is basically saying that INSAS management care more about themselves than the shareholders of the company. This might be a valid reason why no one wants to buy INSAS shares. When shareholders can see that the company has money ( no idea why in Australia) but chooses to give poor earnings for every dollar of RETAINED earnings, they should give it back to the shareholders. Hoarding cash, investing in cash burning startups, not giving returns to shareholders via dividends and share buybacks is a quick method to destroy confidence in the company.
I totally agree.
2. If 5 years from now, INSAS is only making 60-80 million, from a net asset economic business value of 1.7 billion, on such a risky business model as lending, stockbroker, private equity, startups then I think I have better things in life to do.
Raider has no ability to understand risk versus returns.
That is why he thinks INSAS is better than Berkshire.
2019-07-23 01:36
>>>>>
http://www.investlah.com/forum/index.php/topic,22986.msg453972.html#msg453972
Offline stockraider
Marquess
********
Posts: 16,460
View Profile Personal Message (Offline)
Re: STUPID INSAS....
« Reply #30 on: June 16, 2011, 09:23:46 PM »
Quote
Quote from: stockraider on June 16, 2011, 04:49:37 PM
U sifu teach u accumulate high price meh...!?
U only buy when....price is low mah...!
That also buy little bit....slowly buy mah....!
Lagipun ESSO jatuh....takut apa takut ?
Raider......sudah....bagi....mind power focus training....ESSO Rm 10.00....sure mah....!
Itu nebie kat...! Tak guna punya...! Ini takut...! Itu takut...! Macam baby...!
U better don friend....itu nebies kat so much...! Bad influence loh....! Just use your mind power focus ESSO.......pasti 1 day Rm 10.00 mah...!
----
U no worry one lah...!
Insas at Rm 0.515....sure $$$$$$$$$$$$$.....!
These people who laugh at u....don know....the main purpose of investment is not to lose monies...!
They are wrongloh....they want to make alot of $$$$$ in investment....lead them to gambling mah...!
Buah hati...INSAS got alot of margin of safety loh...!
>>>>>
Raider has been trapped in Insas for a very long time.
OTOH look at how Nestle, DLady, etc have delivered over the same period.
2019-07-23 13:28
http://www.investlah.com/forum/index.php/topic,25468.0.html
Has Insas been a great stock for this pussy cat?
2019-07-23 13:37
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This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
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Understanding the concept of investing in insas based on margin of safety loh....!!
6.MOST PEOPLE LIKE PHILIP, DO NOT UNDERSTAND THAT INSAS IS A WELL MANAGE COMPANY CAN SIMPLY SAYS LOH...THE RECORD SHOWS INSAS HAS MAKING GOOD PROFIT FOR PAST 10 YRS AND IT IS CREATING VALUE THATS WHY NTA RM 2.54 PER SHARE, EVEN HIGHER THAN QL LOH..!!
7.For INSAS it is incredibly DIFFICULT to predict future earnings because they themselves do not have a clear direction where they have a big market share, so they try everything to see what sticks.
The real money is in predicting the future. But yes I respect everyone's opinion. Everyone has value ( even raider). But since money is my own, I make my own decisions. INVESTMENT IS NOT ONLY PREDICT THE FUTURE LOH, U LOOK AT YOUR SKILL AND COMPETENCE, THE RESOURCES AND ASSETS U HAVE, U STILL CREATE GREAT VALUE & RETURN MAH...!!
8.INSAS IS NOT SPECULATING THE FUTURE, IT IS LOOKING AT PRESENT VALUE OF INSAS EXCEEDING RM 3.00 V SHARE PRICE RM 0.80, THERE IS HUGE MARGIN OF SAFETY AND IT IS RUN BY A COMPETENT OWNER LOH...!!
Posted by qqq3 > Jul 21, 2019 10:50 PM | Report Abuse
sslee....stock broking shares....hot sector meh?
they will raise the dividend to u meh??
so what u betting on?
maybe they give u ahhmoi?
Posted by qqq3 > Jul 21, 2019 10:52 PM | Report Abuse
Sslee > Jul 21, 2019 10:44 PM | Report Abuse
Dear 3iii,
As on 30th June 2018 INSAS have deposits with licensed banks and financial institutions in Australia of equivalent RM 155,816,000. Board have explained to me that INSAS park the money in Australia for investment opportunity outside Malaysia
===========
sounds like 1 MDB....sure the money still there?
Posted by qqq3 > Jul 21, 2019 10:56 PM | Report Abuse
Sslee > Jul 21, 2019 10:44 PM | Report Abuse
Dear 3iii,
As on 30th June 2018 INSAS have deposits with licensed banks and financial institutions in Australia of equivalent RM 155,816,000. Board have explained to me that INSAS park the money in Australia for investment opportunity outside Malaysia
===========
sounds like 1 MDB....sure the money still there?
One day, u read in the papers the money went to ahmoi , then how?
2019-07-21 23:04