The golden goose ( IIUM ) contributed RM 23mil losses and project completion delayed as shared by Marcus earlier. The poor works quality caused another RM16mil. The legal cases and little cash with huge debt are worrying.

My salute to Marcus for the info and advice to keep investors from the risk.

With projects and receivable used as pledge to borrow money from HSBC. Once HSBC takes legal actions to collect debt, Zelan will be history in KLSE.

Glad to hear that Ding Dong. There are always other opportunities. All the legal cases really worrying. It might means the company has serious financial issues and can't make payments. So, their suppliers after many failure attempts have finally stop pursuing using normal channels but bring it to court. From my past experience, company can survive with weak business but will bankrupt due to lack of cash for payments and debts which will be sued until bankrupt.

Thanks Marcus for the info, it really useful and helps. Hi Ding Dong, while the monthly 8mil for 18mths for SUKE is pleasant surprise and IIUM might provide support, couple with election is coming and the share price already so low which the room for further drops should be limited; I personally doesn't like the continuous new legal cases and little / no update on the projects which has to depends on insider news. I have chosen to cut loss at 50%. All the best to you.

Marcus really great! Just it is a bit unusual info as normally employee will not let anyone know about their resignation so that there is a turning back.

Hi Marcus, Ding Dong, Thanks for the info. About the tax refund, since it is in the Q3'16 current asset, I will still take it as outstanding amount. Anyway, most important is the future of the company. I hope their future not as bad as my sickness for past few days.

Marcus, is it the board meeting held yesterday? Your source has news?

I still believe the Indonesian Tax refund still not collected when end of Q3'16, because the current assets - tax recoverable that has been added in back to Q3'15 still remains in Q3'16. Anyway, if operation not under financial stress, above tax amount just an extra relief.

If I am a businessman, I want to do the maintenance work too. So do other businessmen. It is still depend on their competitiveness on securing business, or maybe their back mountain plays some role too.

I think COO and CFO leaving can be good news or bad news depends on the reason of leaving. If they were requested to leave due to failed to perform, it is good news as rotten fish head chopped off. However if they leave because of they can't see the future of company, then it is bad news. Marcus can help to further dig the reason behind?

I start to think why suddenly all the bad news come and the project status which should support the business become silence. Is it planned? For what? Privatize it at cheap price?

But if collect back the tax refund, RM 5mil has to pay back to HSBC ( banker ) as it was used as pledge to borrow money

For short term cash flow, Zelan still has IDR 72mil ( RM 22mil ) to be collected from Indonesia tax refund. Right?

If I am a businessman, I will not sell IIUM as it is golden goose. I will collect the golden eggs. Even if want to sell, HSBC ( the banker ) will involves as it is used as pledge to borrow money. I don't know about services / maintenance margin. But I think it is long term business which should be rather easy to handle on long term employee and spare parts. Wonder Ding Dong and Marcus knows normally what is the margin?

I just read the Bursa Announcement dated 31/Dec/2015 and 17/Feb/2016, GITT project although under Landasan Kapital, but Zelan will be the main contractor for work worth RM 307mil. Another surprise is Zelan will also be main contractor for Middle Ring Road 2 ( MRR2 ) Upgrading Works. But it did not mentioned about the amount. Ding Dong or Marcus knows?

From your info, it seems like IIUM should be in good shape. But it has not been mentioned again in Q3'16 quarter report. To be prudent, should find out more.

Ding Dong, I read the quarter announcement and noticed that in Q4'15, Q1'16, and Q2'16, note 10, saying GITT has been sold at RM 1mil on 30/Dec/2015 and transaction completed on 15/Apr/2016. Too bad.

Thanks Marcus and Ding Dong. If IIUM project goes as planned, it has Asset Mgmt income starting Q4'16 and last for next 20 years. I guess it might help to cushion the impact. But looking at your sharing, I am getting concerns whether IIUM project is on track. Wonder Marcus can help on the IIUM progress status?

Marcus and Ding Dong investment standard is very high

Also, wonder IIUM hand over status, are there any change on the schedule which was earlier scheduled to be in this quarter?

Hi Marcus123,
Wonder where can I find the info such as Zelan already sold their GITT project to Landasan Kapital, MMC already took back Langat CSTP project, Zelan is negotiating with CR3 - China Company to sell the SUKE project to them, mid Dec special board meeting and EGM?