rebound in the afternoon session

We refer to the announcement dated 15 January 2016 in relation to the Offer wherein Bursa Malaysia Securities Berhad (“Bursa Securities” or the “Exchange”) had vide a letter dated 15 January 2016 informed that it is unable to proceed with the processing of the listing application and draft circular in relation to the Offer until the Exchange’s enquiries are satisfactorily addressed and requested the steps that the Nexgram Board is taking to address Bursa Securities’ enquiries and implication on the Take-Over Offer be announced.

The Nexgram Board has deliberated on the abovesaid matter and wishes to announce that the Nexgram Board is taking steps to identify an independent qualified accounting firm to undertake the role of Special Auditor. In the interim, Nexgram has compiled and shown to the Due Diligence Committee documents and statements in relation to certain assets of Nexgram that is in contention and have scheduled and authorised representatives of the Due Diligence Committee to travel directly to Indonesia for purposes of conducting an independent verification on those certain assets of Nexgram in order to address the Exchange’s enquiries.

Bursa Securities’ position will directly affect the Take-Over Offer. In the event Bursa Securities decides not to proceed with the processing of the listing application and draft Circular, the only logical conclusion is that the condition of the Offer of obtaining Nexgram Shareholders’ approval at the EGM will not be met within the stipulated timeframe under the Code. In such circumstances, the Take-Over Offer will not succeed.

This announcement is dated 20 January 2016

worse case acquisition cancel only, why so panic

downtrend

We refer to the announcement made on 19 January 2011, wherein Masteel announced that the Company had entered into a Head of Joint Venture Agreement (“MOU”) with KUB Malaysia Berhad (Company No. 6022-D) (“KUB”), a company listed on the Main Market of Bursa Malaysia Securities Berhad whereby KUB and Masteel (“Parties”) have agreed to combine their capabilities and resources to co-operate and collaborate with each other in the joint-venture company, Metropolitan Commuter Network Sdn Bhd to pursue the rail transit network project in the Iskandar Development Region (“Project”) and the Parties are desirous of submitting a joint proposal for the Project to the Government of Malaysia. Pursuant to Bursa Malaysia Securities Berhad's letter dated 4 August 2006, we wish to announce the status of the MOU as follows:-

The Management continues to work with the relevant parties including government authorities pertaining to the proposed Iskandar Malaysia Commuter rail project.

Meanwhile, its Joint-Venture Partner, KUB had announced its intention to consummate the MOU signed in 2011 subject to its Investment Committee's review in due course.

Rail project most likely cancel by KUB.

Making lost in first quarter

The Board of Directors of MASTEEL wishes to announce that Bursa Malaysia Securities Berhad (“Bursa Securities”) had via their letter dated 25 May 2015 which was received on 26 May 2015, informed the Company that they have resolved to reject the Company’s application for an extension of time up to 31 July 2015 to release 1st Quarterly Report pursuant to paragraph 9.22(1) of the Main Market Listing Requirements which was submitted on 13 May 2015.

The reason for the delay in issuance of 1st Quarterly Report is due to the ongoing special review by UHY Advisory (KL) Sdn Bhd, the Special Auditors to conduct an independent and comprehensive review of the issues raised by the Messrs Nexia SSY, the External Auditors on the financial statements of the Company for the financial year ended 31 December 2014 (“AFS 2014”). The Special Review is expected to be completed in six (6) weeks from 30 April 2015.

In view of the above, MASTEEL is not able to furnish its 1st Quarterly Report to Bursa Securities as the Company needs the finalisation of the AFS 2014 in order to have the comparative information and corresponding financial figures aside the brought forward figures from the financial year ended 2014 to the opening figures in the 1st Quarterly Report, where appropriate for disclosure to Bursa Securities.

This announcement is dated 26 May 2015.

The Board of Directors of MASTEEL wishes to announce that Bursa Malaysia Securities Berhad had via their letter dated 11 May 2015 informed the Company that they were rejected the Company’s applications for the following extension of time :-



Extension of time until 30 June 2015 to furnish the audited financial statements for the financial year ended 31 December 2014; and
Extension of time until 31 July 2015 to furnish the annual report for the financial year ended 31 December 2014.

http://klse.i3investor.com/blogs/PublicInvest/76391.jsp

The trading of Malaysia Steel Works (Masteel)'s shares will be suspended effective today until further notice, triggered primarily by its delay in the audit completion of its FY14 financial statements and the release of audited financial report for FY14. Pending the outcome of the audit results, we maintain our call and target price.

To recap. On 27th April, the company clarified that they had been informed by its external auditor, Messrs Nexia SSY that they are not able to express an opinion on the financial statements of the company for FY14 due to various issues raised. Hence, the management has taken initiative to engage UHY Advisory (KL) S/B to conduct an independent and comprehensive review of the issues raised by its external auditors in order to facilitate the external auditors' provision of an opinion on the FY14 financial statements. The “special review” is expected to be completed in six weeks. The board had made an application to Bursa Malaysia to seek an extension of time up to 30 June 2015 to issue the audited financial statement 2014.

Negative impact. Since the announcement of a potential delay in submitting the audited financial statements, the share price has tumbled more than 25% as questions are being raised on the state of the company's financials.

What could it be? The 2014 unaudited financial statements have seen receivables jump a substantial RM92.5m from RM239.4m last year to RM331.9m currently, though that can also be explained by its revenue growing at a similar quantum. That said, a 1-for-1 increase is uncommon, implying inexplicably long credit terms given. Either that, or some overdue receivables may be deemed irrecoverable by the auditors, suggesting the need for some impairments in the accounts hence a possible “disagreement' between company and auditors, resulting in the latter being unable to express an opinion on the financial statements. Management has been accessible when we sought clarification, but understandably tight-lipped on the issue given its sensitivities. The postulation is merely an expression of opinion made on face value based on its unaudited financial statements. Or it could be much ado about nothing, of which the company's share price could rebound as its fundamentals remain relatively intact

SUSPENSION OF TRADING
MALAYSIA STEEL WORKS (KL) BHD

MASTEEL has failed to submit its annual audited accounts for the financial year ended 31 December 2014 ("AAA 2014") to Bursa Malaysia Securities Berrhad ("Bursa Securities") for public release within the stipulated timeframe i.e. 30 April 2015 pursuant to Paragraph 9.23(2) of Bursa Securities' Main Market Listing Requirements ("LR").

Pursuant to Paragraph 9.28(5) of the LR, if a listed issuer fails to issue the outstanding financial staements within 5 market days after the expiry of the relevant timeframe as stated in Paragraph 9.23(2) of the LR ("Relevant Timeframe") (the last day of the 5 market days is referred to as "Suspension Deadline"), in addition to any enforcement action that Bursa Securities may take, Bursa Securities shall suspend the trading in the shares of such listed issuer. The suspension shall be effected on the next market day after the Suspension Deadline.

In view of the above, the trading in MASTEEL's securities will be suspended with effect from 9.00 a.m., Tuesday, 12 May 2015 until further notice.

Pursuant to Paragraph 9.28(6) of the LR, if a listed issuer fails to issue the outstanding financial statements within 6 months from the expiry of the relevant timeframes, in addition to any enforcement action that Bursa Securities may take, delisting procedures shall be commenced against such listed issuer.

（吉隆坡5日訊）稽查師放棄對截至2014年12月31日止財政年賬目發表意見，RA電訊（RA，0110，創業板貿服組）即日起列為GN3陷困公司。

根據文告，該公司2014財政年營業額下跌15.92%，至3千235萬1千221令吉，淨虧則從318萬2千718令吉，大幅擴至2千666萬1千253令吉。

The next one is masteel ?

（吉隆坡13日讯）大马钢厂（MASTEEL，5098，主板工业产品股）冀望可获得交通部的推荐，在未来数个月把依斯干达城际铁路（MCN）计划书重新提呈给经济委员会。

早前，交通部称，自2011年就已接获依斯干达城际铁路计划书，而该部目前正在审阅和检討上述建议书。

错过动工目标

公司董事经理拿督斯里戴贤龙表示，根据交通部日前作出的公布，大马钢厂加速行事，希望能获得交通部的推荐，在未来数个月重新提呈该项计划书给经济委员会。

他指：“由于过去5年我国共换了4名交通部长，我们无法如期获得必要文件，因而错过在2013年展开工程的目标时限。”

他补充，这些年，已不断向政府加强和改善城际轨铁路计划的建议。

自2011年，大马钢厂就已呈交计划书，并与不同的政府部门和机构洽谈，包括陆路公共交通委员会（SPAD）。

至今，该项计划已获得政府不同的通关和支持，包括前任和现任柔佛政府。

此外，该项计划已在2011年提呈给经济委员会，而大马交易所也定期更新该项计划的进展。

新轧钢厂下季投产

戴贤龙表示，位于巴生武吉拉惹（Bukit Raja）总值1亿令吉的新轧钢厂，将会在下个季度开始生产高级钢条。

一旦全面投产，新厂预计每年将带来额外的4亿令吉销售。

他指，过去3年，现有的2家钢铁厂的使用率高企，而产品销售表现亮眼，这主要是获得政府在公共基建投入485亿令吉的开销扶持。

“由于政府决定不会展延主要基建工程，如捷运第二路线（MRT2）、轻快铁第三路线（LRT3）、婆罗洲大道（Pan-Borneohighway），相信整个趋势将持稳。”

虽然中国廉价钢铁产品进口大马，侵蚀市场份额，但大马钢厂预计能够扩大市占率，尤其是在巴生谷地区。

（吉隆坡9日讯）陆路公共交通委员会（SPAD）表示，仍未获得大马钢厂（MASTEEL，5098，主板工业产品股）提交柔佛城际轨道交通系统的计划。

该委员会总执行长莫哈末诺依斯迈卡马向《商业时报》说：“虽然我之前已从市场听到柔佛城际轨道交通系统计划，但至今仍未收到该计划。”

他补充，公共或私人领域提出的任何轨道交通系统计划，必须先呈交给陆路公共交通委员会，以进行可行性研究。

大马钢厂将回应

之后，就会提供研究结果给政府，在执行之前取得批准。

针对该事件，本报尝试联络大马钢厂求证，不过，截稿时仍未取得该公司的回应，据悉，董事经理拿督斯里戴贤龙将在下周发文告回应。

2011年，大马钢厂和大马统一合作（KUB，6874，主板贸服股）宣布，联营公司Metropolitan Commuter Network（MCN）计划兴建和营运100公里的依斯干达城际轨道交通系统。

大马钢厂董事经理兼总执行长拿督斯里戴贤龙预计，该工程会在2013年末全面营运。

不过，至今仍未开始进行。

此外，市场在去年8月传，该铁路计划被腰斩，但较后公司表示，已获得柔佛州政府的批准，进行该项工程。

同时，大马钢厂也发文告指，公司会向中央政府机构取得批准。

政府根据需求增加铁轨

一周前，交通部长拿督斯里廖中莱表示，并未接获大马钢厂提交的计划。

同时，莫哈末诺依斯迈卡马表示，基于柔佛目前进行中的发展项目，不确定政府是否会接受大马钢厂的计划。

他说：“一般上，政府会根据需求而决定增加铁路轨道，而非基于私人领域的建议。因此，我不知道大马钢厂到底在做着什么计划。”

柔佛已有数项铁路发展，包括部分已在策划中的计划，如隆新高铁（HSR）。

他表示，依斯干达也有本身的公共交通发展大蓝图。

根据该大蓝图，他们要发展一项快捷巴士系统（BRT），并计划连接至轻快铁和捷运系统。

他指，依斯干达或柔佛南部的流动性交通需求，必须与区域成长计划同步。

Censof bags RM2.8 million contract from Talent Corp

By Sulhi Azman / theedgemarkets.com | December 3, 2014 : 6:22 PM MYT
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KUALA LUMPUR (Dec 3): Censof Holdings Bhd ( Financial Dashboard) announced its 80%-owned Knowledgecom Corp Sdn Bhd has clinched an “Upskilling ICT Sector” contract from Talent Corp Malaysia Bhd worth RM2.8 million.

In a filing to Bursa Malaysia this evening, Censof said the contract would start from the date of the definitive agreement, continuing in force until six months after training of the final batch participants is completed.

The group said the definitive agreement must be signed by both parties within 30 days from Nov 24.

Censof said the contract would contribute positively to its future earnings.

“The contract will not have any material effect on the issued and paid-up capital, substantial shareholders’, net asset per share and gearing of the company and its subsidiaries,” it said.

Censof shares have fallen 36% from 66.5 sen on Oct 9 to close at 42.5 sen today, giving it a market capitalisation of RM192 million.

Censof is controlled by its group managing director Ameer Shaik Mydin and non-independent non-executive director Datuk Samsul Husin, with an indirect stake of 42.33% held through SAAS Global Sdn Bhd

ready to fly tomorrow , rm3

http://www.theedgemalaysia.com/highlights/293375-edge-weekly-tham-reducing-eao-stake-in-2011-not-the-wisest-decision-hl.html