i will start buying tomorrow :-).

start buying it. :-)

Goodboy right issue or share consolidation ?

wait for DJIA open. Crude oil will sky rocket.

wait for DJIA open. Crude oil will sky rocket.

heheh PN17. Go and read la what is PN17 actually. this company still making money la.aiyo PN17 pulak.

what happen to suma? why keep going down ? company nak bankrupt ka?

Good profit and now waiting for the news from OPEC. But feeling nervous with OPEC.

Im just waiting for the financial report coming this week and OPEC news.

So shock trump could win this election. But it is good for malaysia as Najib & Trump are very good and close friend. Congratulation to the 45th American President.

Weldone Hibiscus. Another round of closing at 0.31. It is yet again testing to be push towards 0.425.This time i think it will make it.

hahah nak collect la tu. told you so. its strong.

tak habis-habis red bean army ni. why rafizi still maintain his account in tabung haji if tabung haji corrupt. chis tak guna punya pembangkang.all should be burn to dush during this coming bersih.

got more at 0.06 today. :-)

sideway at the moment. US election and Crude Oil Price causing chaos across the world.

Pua should turun during bersih 5. We are waiting for his head.

hope i can still get 0.06 or 0.065 tomorrow as i still have money to attack.

waiting for Quarterly Financial Report expected by end of this month and at the end of this month will be the most anticipated news from OPEC. This two will be the pushing factor for Hibiscus to break 0.40. Its double and if both news are good than you know la. That is why they are attacking non-stop from now.

told you already. if it close at 0.31 would be good. Its so strong and 0.425 is coming.

can go down tomorrow. oil market crashing now.

Get ready tomorrow for rebound. China and Malaysia are going to discuss how to increase palm oil penetration in china and sale of palm oil and maybe there is a signing of MOU between both country.

very strong

yes i want to keep buying. I want to go holland.

The new CFO are coming.Sumatec announced the resignation of its chief financial officer Roshidah Abdullah “to pursue personal interest” effective Oct 31, She had been CFO since April 1, 2013.

Tan Sri Halim Saad, said the default in payment on Oct 18 and 19 was due to the delay in completing the sale of the vessels that were “arrested.”

Sumatec's liability as Semado's guarantor not expected to exceed 5% of its net assets

http://www.thestar.com.my/business/business-news/2016/10/28/sumatecs-liability-as-semados-guarantor-not-expected-to-exceed-5pc-of-its-net-assets/

KUALA LUMPUR: Sumatec Resources Bhd’s liability as corporate guarantor for Semado Maritime Sdn Bhd, its associate company that recently defaulted on its loan payments, is expected to be less than 5% of its net assets.

The oil and gas company told Bursa Malaysia on Friday that Bank Pembangunan Malaysia Bhd and Semado had in June agreed on a total sum of RM73.8mil as the full and final settlement of the loan.

“Under the corporate guarantee, Sumatec could be liable for the shortfall between the outstanding loan amount and the net realisable value of the vessels, if any,” it said,

“The vessels” refer to oil tankers Semua Mutiara and Semua Muhibbah, for which Bank Pembangunan’s lawyers had earlier this month issued a warrant of arrest.

In return for the release of the vessels, Sumatec said the bank was claiming settlement of principal sum of RM143.32mil (plus RM100,000 in cost), or an alternative security in the sum of RM165.21mil by way of either a first class bank guarantee or a letter of undertaking from a P&I club (mutual insurance association that provides marine insurance through risk pooling) within seven days (the date has lapsed).

In its latest announcement, Sunatec said a desktop valuation carried out by an independent ship valuer last month estimated the market value at US$7mil (about RM29mil) per vessel.

“Based on the final settlement sum of RM73.8mil and the desktop valuation which is subject to a final full inspection, the shortfall is expected to be less than 5% of the company’s net assets as at June 30, 2016,” it added.

Sumatec pointed out that it had net current assets of RM140mil as at June 30. June 2016. Based on the 5% figure, Sumatec expects the shortfall to be less than RM7mil.

A quick calculation by StarBiz, however, shows that the difference between the final settlement sum and the desktop valuation of the two vessels is RM15.8mil.

Sumatec announced the default by Semado, owned by Semua International Sdn Bhd (SISB) in which Sumatec has a 49% equity interest, on Wednesday.

Sumatec, whose single biggest shareholder is Tan Sri Halim Saad, said then that the default in payment on Oct 18 and 19 was due to the delay in completing the sale of the vessels that were “arrested.”

In Friday’s announcement, Sumatec explained that the finalisation of the sale took longer than anticipated because Semado wanted to ensure that it obtained the best price for the vessels.

“Semado is now evaluating all proposals received and making arrangement for inspection of the vessels,” it said.

Semado is also discussing with Bank Pembangunan to revert to the final settlement sum agreed earlier in June as well as to grant extension of time to complete the sale of the vessels.

“The board, after having inquired into the affairs of the company (Sumatec), is of the opinion that the company will be able to pay all its debts as and when they fall due within the period of 12 months from the date of this announcement,” Sumatec said.

In a separate filing on Friday, Sumatec announced the resignation of its chief financial officer Roshidah Abdullah “to pursue personal interest” effective Oct 31, She had been CFO since April 1, 2013.

Sumatec shares closed unchanged at 6 sen on Friday, with 45.89 million shares changing hands.

chan i already buy as much as i can last two day when it reach 0.065 and 0.06. Like you said it is a one lifetime opportunity. :-)

For our Indian Friend Happy Diwali.

For our Indian Friend Happy Diwali.

0008 will only come when the price go down or about to go down la NeverLossAgain. I believe people here know this already.

Huraiiiii got my 0.06. Muahhhhh love ya Sumatec.

aiyo charles don't share here la.diam2 sudah.

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Korang ni mcm mana main saham.PN17 punya criteria pun tak tau.tak payah simply petik PN17 if PN17 also you dont know.how la you play share.

ok i will buy more. The price best eva..

Type Announcement
Subject OTHERS
Description SUMATEC RESOURCES BERHAD ("SUMATEC" OR "THE COMPANY"
- DEFAULT IN PAYMENT PURSUANT TO PARAGRAPH 9.19A OF BURSA MALAYSIA SECURITIES BERHAD'S MAIN MARKET LISTING REQUIREMENTS ("BURSA'S MMLR")
INTRODUCTION

Pursuant to paragraph 9.19A (1) (a) of the Bursa’s MMLR, the Board of Directors (“Board”) of Sumatec wishes to announce that its associated company, Semado Maritime Sdn Bhd (“Semado”) has defaulted in payments on the loan due to Bank Pembangunan Malaysia Berhad (“Bank Pembangunan”).

On 11 October and 12 October 2016 Semado was served a Writ Of Summons Admiralty Writ In Rem and warrant of arrest on vessels Semua Mutiara and Semua Muhibbah (collectively “the Vessels”), respectively, by Messrs Joseph & Partners, the solicitors acting for Bank Pembangunan (“Writ of Summons”). Under the Writ Of Summons, in return for the release of the Vessels, Bank Pembangunan is claiming settlement of principal sum of RM143,317,378.31 (plus RM100,000 in cost), or providing alternative security in the sum of RM165,214,985.06 by way of either a first class bank guarantee or a letter of undertaking from a P&I Club who is a member of the International Group of P&I Clubs, within 7 days from the dates the Writ of Summons were served. (please also refer to item 4 below)

The sum to be guaranteed of RM165,214,985.06 comprises principal amount of RM143,317,378.31, interest at 5% up to 4 October 2016 of RM21,497,606.75, and RM400,000.00 in cost.

1. Date of the default in payment

18 and 19 October 2016.

2. Reasons for the default

Delay in securing the completion of the sale of the Vessels.

3. Measures taken by the Company to address the default

(i) Sumado is arranging for inspection of the Vessels by potential buyers.

(ii) Sumado has requested for extension of time from Bank Pembangunan to complete the sale of the Vessels.



4. Legal implications of the default including the extent of the Company’s liability in respect of the obligations incurred under the agreements for the indebtedness

Pursuant to the corporate guarantee issued by the Company in 2008 to Bank Pembangunan for Semado, Sumatec is liable only if the value realized from the sale of the Vessels is less than the total amount outstanding. The realizable value of the Vessels cannot be determined at this juncture since the disposal is still pending.

Bank Pembangunan has not made a call on Sumatec’s corporate guarantee.


5. Business, financial and operational impact of the default on the Company

(i) The claim is not expected to have any significant impact on the business and operations of the Company.

(ii) The financial impact to the Company, if at all, is limited to the difference between the loan amount and the proceeds from the sale of the Vessels.

6. In the event the default is in respect of secured loan stocks or bonds, the lines of action available to the guarantors or security holders against the listed issuer

Pursuant to the corporate guarantee issued by the Company to Bank Pembangunan, Sumatec could be liable for any shortfall between the outstanding loan and the funds Semado is able to raise from sale of the Vessels and its internal operations.


7. In the event the default is in respect of payments under a debenture, to specify whether the default will empower the debenture holder to appoint a receiver or receiver and manager

Not applicable.

8. Cross Default

Not applicable.

9. Where the default is in respect of a subsidiary or associated company, a confirmation as to whether the subsidiary or associated company is a major subsidiary or major associated company, as the case may be

Semado is not a major associated company.

10. Where the Default is in respect of a listed issuer, major subsidiary or major associated company, as the case may be, a statement as to whether the listed issuer is solvent

Not applicable.



This announcement is dated 26 October 2016.

again good closing

wow going down more. Maybe what people said can get 0.05 now is a possibility.

http://klse.i3investor.com/blogs/kenangaresearch/107130.jsp

Good closing.

Malaysian palm oil price soars to over two-year high

KUALA LUMPUR: Malaysian palm oil futures climbed to their strongest levels in two and a half years on Monday evening on declining output data, and tracking gains in rival oils on China's Dalian Commodity Exchange and the Chicago Board of Trade (CBOT).

Benchmark palm oil futures for January on the Bursa Malaysia Derivatives Exchange surged 3.6 percent to 2,822 ringgit ($676) a tonne at the end of the trading day. Earlier in the session, the contract hit 2,828 ringgit, its highest since March 13, 2014 and also posted the strongest gains in a week.

Traded volumes stood at 59,626 lots of 25 tonnes each at the close of trade, higher than the 2015 daily average of 44,600 lots.

"The market's second session was firm on Dalian and the CBOT, and flew on data from the Malaysian Palm Oil Association," said a futures trader from Kuala Lumpur, saying the production data recorded a near 18 percent drop in Peninsular Malaysia and a 11 percent decline in Malaysia overall.

Palm oil prices respond to the movements of related vegetable oils as they compete for a share in the global edible oils market.

The contract hit a more than two-year high of 2,800 ringgit on Oct. 18 tracking the surge in Chinese vegetable oils, which also rose to their highest levels in about two years.

Output in Malaysia, the world's second largest palm producer after Indonesia, is affected by the lagging effects of last year's crop-damaging El Nino.

September production in Malaysia rose 0.8 percent from the previous month, its smallest monthly gain since June 2011. This was the lowest output figure for September since 2010.

In related vegetable oils, the December soybean oil contract on the Chicago Board of Trade rose as much as 2.6 percent, while the January soybean oil contract on China's Dalian Commodity Exchange climbed as much as 2 percent.

The January contract for palm olein on China's Dalian Commodity Exchange surged 3.5 percent.

price of palm oil keep on going up now already 2822.

not yet finish as Q1 result belum keluar. Once release...will shoot up some more if the result are good. Then we have OPEC decision on the same month. I think Nov belong to Hibiscus.

PDZ going up.sumatec should prepare to also going up. normally this two will move together.

in my view the current price of Hibiscus is very cheap. It should be around 0.40 - 0.50 range.

huh tak gerak-gerak.

Write a comment..the way im looking at it, saudi have no choice but to push for the price to be around 55 - 65 USD to make sure Saudi aramco IPO successful and can attract a lot of buyer and gain interest. That is why they are push for the production cut together with Russia as Putin need it badly to support their economy. But the question now is iraq and iran. So far iran ok with the idea with some flexiblity for them as they just get out from sanction. But iraq say they are not ready. So saudi have to convince iraq. Interesting to see this coming november OPEC result as for the first time saudi are pushing for production cut.

Financial Result will come out early Nov and followed by OPEC decision end of Nov. If both positive, you know la what going to happen to this share. All the best guys. They are collecting as much as they can on the anticipation of Nov.

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back to its glory. But i do believe the current price is too low. it should be back to around range 0.45 - 0.60 more reasonable.

im still holding at 0.205. Dont want to sell yet. This will become my long term portfolio.