Judging the way in which the alleged missing cash of 60m has been handled so unprofessionally ,it could be inferred that the so call "solid net cash" ie 144m is expected to be vanished out of thin air faster than you and me could imagine.

Millionhair club rather

Gathered from the implications surrounding the company, there are more " wrongs" than " rights". The Company must address the issues of concerns not just to sweep the issues under the carpet as if nothing was happening...

Do not fool the investors as they are not stuxid...

I am not saying the company can not change auditors . What i am emphasizing is that the the company being a " PLC " must follow the due procedure for change of auditors. Hello, this is a PLC listed in main Borad. How could management of a PLC take this lightly ?? It is a reflection of their poor management and low integrity in handling the matters.

I suggest you to check through the proper procedure for appointment of auditors in the Auditing standard and protocol.

Long term depends on what you do in the interim. If you do it right from the outset , the future would be bright and vice versa. Things can be done in the interim including but not limited to measures such as well-known auditors would be engaged to conduct a special audit on the financing reporting with the view to improve, the practice of corporate governance of the highest order must be upheld at all times to restore the confidence level, appointment of the management of high integrity and right calibre to do the right jobs etc etc.

There is no need to place deposits to the potential customers to secure orders if the top management is competent and capable . Who are the potential customers ? Are they really in existence or are they just in your fantasy ? I leave it to your imagination.

Your " Why " has been well-answered in my previous posts.

The market is not as stuxid as you are . They know to discern the truth and lies... your ignorance is larger than your loss

Dont be naive . Change of auditors before their expiry of terms of office is a serious matter and casts doubt on the financing reporting of the company and integrity of the management in handling the said matters.

As per their following representation, they are acknowledging the fact that the management is incompetent or they are merely passing the buck to the Management due to the pathetic sales . They are insinuating that there could be reduction in dividend payment if not none at all due to the sluggish sales. It is believed that the remaining cash of 144 m is depleted faster than expected due to poor performance.More cash would be used to pay deposit to the customers as claimed to secure orders. Do you really believe what they utter ???
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Their representation
"Like many companies going through a period of change, Globetronics has been the subject of rumours and speculation. The new management team, which took over in December 2023, inherited some challenges, including a shrinking order book and investment issues. As a result, they made the tough decision to adjust the company’s dividend policy. This was a necessary move to reinvest in the company’s technology and position it for long-term growth."

As per their following representation , they have placed deposit to the customer to secure orders which is very unorthodox and unusual.Usaually, Customers would be required to place deposit/Advance payment to secure supply if the supply is in great demand. However, Gtronic is citing that they are doing the opposite.Would the deposit placed with customers to secure orders be taken as briberies or otherwise??

Their mention of 144 m is left in the cash reserve is already acknowledging directly that the alleged cash missing of 60m is still unaccounted for . Would the said cash be placed as deposits as claimed to secure orders ?? Who are the customers who require this kind of deposits?? As said, the Company is not addressing seriously the missing cash of 60m but just skimming through the matters of concerns. No wonder the incumbent auditors have resigned half way in protest.

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Their representation
"Some investors have noticed a dip in cash flow and a rise in trade receivables in recent reports. This is mainly because Globetronics is placing deposits with multinational partners to secure new orders and business opportunities. While this has a short-term impact on liquidity, it’s part of a bigger strategy to lock in future growth. The company still has over RM144 million in cash, so there’s no immediate concern about its ability to fund operations and invest in growth"

The voluntary resignation of the incumbent auditors half way through before the expiry of their terms of office is a reflection of the negative implications of the financial reporting of the company and /or integrity of the mgt. Their mention of no impact on their financial reporting or integrity is untrue.

The company 's representation is nothing constructive but just an euphemism .

EPF would have not exited its significant investment if they still had the confidence in the Mgt .

From the company 's representation
" One of the biggest questions that surfaced recently was the resignation of KPMG as Globetronics’ auditor. While some investors were concerned about this change, the company has reassured everyone that it’s part of a normal transition process, following the arrival of new management. Globetronics is in the process of shortlisting a new auditor (likely to be UHY Malaysia) and says that this won’t impact its financial reporting or integrity. So, while change can be unsettling, Globetronics is confident this won’t disrupt operations."

They said the change of auditors is a normal process . Basically what is a normal process where the change takes place at AGM where the incumbent auditor is not re-appointed and new one is appointed. However , when the incumbent auditors have resigned half way through before the expiry of their terms of office, the change to new auditor is said to be abnormal and a lot of question marks usually negatives are arising for the Management to justify. It is believed that if if the mgt had been able to o justify, the incumbent auditors would not have resigned.

Very fishy to change half way...

who are the new customers ? what is big project? Basically , it is nothing but all hearsays..........

Until the company has addressed the said issue, it is unlikely that the share price will spike...

They didnt change the external auditors at the AGM as a normal procedure and process but they are said to compel the auditors, KPMG to resign before expiry of their terms of office. It is believed that the external auditors have unfolded some irregularities for which the Company was not happy...

APB is embroiled with a lot of issues such as suffering from huge investment loss of 100m +++ to excessive price paid for the acquisition of Gtronic , QR is deteriorating from one season to another season , material errors and misstatement in their financial reporting as highlighted by their external auditors in its recent audited accounts , loss of confidence in the interim management by its shareholders etc etc

illusionary and unstainable. Another round of exodus by EPF and LHJ is expected

likely to fly Kite ...........

Flying to the moon ?? in your fantasy only ...............

They are now scouring for new potential customers to boost revenue , until then, it is a guessing game

When the Lion king is gone forever , what is left is only hyenas are lurking around and messing about ............. No show.

You have put a lot of whammy on this counter as if it was destined to be doomed ...............

The quickest way is to strip off the " cash reserves" from 200m to none. 60m has already been stripped off while the remaining of 140m is to be stripped off soon . NAB will be depleted soon , leaving the investors in cry like hell............

It is believed that another round of exodus is expected for Gtronic. The incumbent auditors,KPMG is said to be communicating with the new auditors for the reasons why they quitted in protest.

It takes years if not century to establish the reputation but it takes second to destroy the said reputation leading to loss of confidence and trust among the investors.

RM has been strengthening against USD hence making exports more expensive which would impact the export of Gtronic in terms of its upcoming QR.

APB is impacted by the investment loss in Gtronic. Basically Gtronic has messed it up with its corporate governance issues leading to loss of confidence in the interim management.

APB is expected to nosedive fast and furious when it resumes trading tomorrow. No supports but only a few of speculators are taking their chances of do-or-die....

Yer , Shareholders of APB are reported to be very pissed off with the Mgt to get a lousy deal to acquire Gtronic , through borrowings resulting in a huge investment loss . The gearing ratio has not only increased but also the capitalisation is seriously impaired by the huge investment loss

As per my following post 3 days ago, it was already foreseen( without hindsight) that APB would be in deep trouble in days to come if not later...............
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Stock: [GTRONIC]: GLOBETRONICS TECHNOLOGY BHD

3 days ago | Report Abuse

Yes ,

ABP is believed to be next in line with the expected plummet. It is learnt that APB has borrowed more than 150m to fund the purchase of Gtronic at RM 2.00 each for 140m.Their investment in Gtronic has suffered more than 75% loss in share value due to recent horrendous melt down of Gtronic in share value.

APB has been performing below par. They are expected to report significant loss in their upcoming QR due to the said melt down

APB has borrowed significant money to buy Gtronic for 140M. APB not only now need to face with the repayment of the loan ( borrowed to buy Gtronic) but also faced with the huge investment loss of 105m in Gtronic given the current price of RM 0.550 , seriously undermining its share value. Basically, it is double blows to APB. It is learnt that APB has reclassified cash of 22m as deposit ,which was reported to be not pervasive in the view of their external auditors

The cash of 60 m under other receivable is related to Gtronic, Until now ,the BOD of Gtronic has not addressed to this irregularity unfolded by the incumbent auditors , but merely cited that " business is as usual ". Do you believe what they have said??

EPF has shown interest in acquiring Top Glove again due to the high tariffs being imposed on china produced gloves. Top Glove is expected to improve their upcoming QR . However, it is noticed that no prominent investors are keen to acquire Supermax for the obvious reason of Board room in disharmony if not tatter now ...

The share price is expected to be stagnant if not depressed further . It is believed that EPF and LTH are planning for another exodus any moment from now......

Ah Oil is shifting to Gtronic with a specific agenda... He is capitalising on the high price of Fronken by realising his stake and increasing his shareholding in Gtronic at depressed price in order to gain control over the Board of Gtronic which is currently controlled by APB .

It is believed that a fierce board room tussle is unavoidable to be erupted between the sects of Ah Oil and APB. Whoever controls the Board controls the cash at his disposal. It is believed that the share price is expected to be depressed further during the said confrontation in the Board room.

From the above, no mention of whether and how the non-trade receivable of RM 60m is collectible or not and why the"reclassification " or otherwise was done which was not pervasive in the view of the incumbent Auditors. Their forward PE is a clear of indication of the expected drop in upcoming revenue. Given with the uncertainty with dark clouds ahead, it is not surprising that its TP has been significantly downgraded.

APB has borrowed significant money to buy Gtronic for 140M. APB not only now need to face with the repayment of the loan ( borrowed to buy Gtronic) but also faced with the huge investment loss of 105m in Gtronic given the current price of RM 0.550 , seriously undermining its share value. Basically, it is double blows to APB.

The cheapest has yet to come in APB

APB has suffered significant investment loss of 105m in investment in Gtronics. On top of that, the external auditors of APB has expressed a " qualified opinion" on its latest audited financial statements where the company's financial records contain material errors and misstatements.

Somesone wants to become the most significant shareholder to take over the chairmanship ??

You trust Ah Ooi but KPMG doesnt trust him. KPMG is of the opinion that the re-classification of cash of 60m under non-trade receivables is not pervasive and is said to be highly suspicious and dodgy. Ah Ooi should not have condoned this kind of practice to the detriment of the corporate governance.

No knee Jerk panic of selling but sensible and rational selling in response and reaction to the negative implications

Hold until you become 6.30....

In a nutshell, the external auditors of APB were not happy with the way in which APB transfered cash of 22m ++ to be reclassified as deposit under non-trade receivable as a result of which their auditors gave a qualified opinion.

Likewise, cash of 60m in Gtronic was done in the same manner as that of APB. It is believed that the suspicious trf was done under the order of APB.

Now then you know why KPMG was pissed off and quitted in protest...

It is learnt that APB Resources Bhd (APB) external auditor, Baker Tilly Monteiro Heng PLT, has issued a " qualified opinion" on the company's audited financial statements for the period ending March 31, 2024.

Such "Qualified Opinion" indicates that there have been serious material negative implications in APB ." Qualified Opinion " indicates the financial statements contain material misstatements and /or omissions. Readers should regard the statements with caution. The reason for the " qualified opinion " is usually provided in the Audited Financial Statements .

Judging from the above, its share price is expected to plummet fast and furious....

Dont underestimate the " decision to dump " of the EPF and LTH, it is believed that their '' intelligence units" are second to none....

Though EPF and LTH have ceased to be the significant shareholders ,it is believed that EPF and LTH are expected to continue to off load their remaining shareholdings in the company in days to come till complete exit of their entire investments . It is believed that EPF and LTH are off loading their shareholdings gradually to avoid subtle plummet to the detriment of their investments. As said, the cheapest has yet to come and imminent rebound is out of the question.

APB has borrowed RM 140m or more to purchase Globetronic for RM 140m at RM2.00 per share.

Now that the share price stands at RM 0.55 .Basically APB has lost more than 75% investment loss due to recent heavy melt down of Gtronic. It is expected that the said loss will be impaired resulting in huge loss of its upcoming QR. Who bears the loss ? The investors across of course . Good luck guys

Yes ,

ABP is believed to be next in line with the expected plummet. It is learnt that APB has borrowed more than 150m to fund the purchase of Gtronic at RM 2.00 each for 140m.Their investment in Gtronic has suffered more than 75% loss in share value due to recent horrendous melt down of Gtronic in share value.

APB has been performing below par. They are expected to report significant loss in their upcoming QR due to the said melt down