On behalf of the Board of Directors of the Company, Kenanga Investment Bank Berhad had on 29 March 2024 submitted an application for an extension of time to submit a regularisation plan to Bursa Securities (“EOT Application”). The EOT Application is currently pending decision from Bursa Securities. -----------
I continue added when it 0.055 to average down. I keyed 0.05 long time cannot match. Just paid another 0.005 lor. I kept this share long long time already.
B. Recorded net profit for FOUR quarter of last FIVE latest quarters.
C. Not a cash rich company.
D. Total assets > Total liabilities, Total current assets > Total current liabilities,
E. In the process of settling the PN17 issues.
On 2 May 2024, Bursa Securities granted an extension of time of six (6) months up to 31 October 2024 to submit its regularisation plan to the relevant regulatory authorities. The Group is in the process of formulating the Proposed Regularisation Plan for submission.
The Group is of the opinion that the Proposed Regularisation Plan once formulated and implemented after obtaining the approval from relevant authorities, will enable the Group to generate sufficient cash flows to meet its obligations and continue sustainable and viable operations.
THE FINDINGS:
1. NTA 19 sen (up from 18 sen @ last QR4 2023.) 2. NOSH 844.92 mil.
The Group’s revenue of RM7.3 million for the current quarter ended 31 March 2024 was lower than the revenue of RM9.7 million registered in the same quarter of Financial Year (“FY’) 2023 by RM2.4 million. The lower revenue is principally due to reduced revenue from local projects.
The Group reported a profit before zakat and taxation (“PBZT”) of RM4.8 million in the current quarter under review compared to a PBZT of RM2.3 million in the corresponding quarter of FY2023. The improved performance is mainly due to lower interest expenses of RM6.2 million (Quarter 1 FY2023: RM 7.1 million) and higher unrealised foreign exchange gain of RM3.7 million (Quarter 1 FY2023 : RM 1.2 million).
Note 2
In the current quarter ended 31 March 2024, the Group reported higher revenue of RM7.3 million compared to the preceding quarter revenue of RM4.2 million. The higher revenue of RM3.1 million for the current quarter is principally due to higher revenue from local projects.
In the current quarter ended 31 March 2024, the Group reported lower profit before taxation of RM4.8 million compared to the preceding quarter profit before taxation of RM48.7 million. Included in the preceding quarter results is the reversal of accrued bank borrowings interest of RM55.1 million arising from the rescheduling agreement dated 15th December 2023.
Note: Prospects
The Group is in the process of resolving the ongoing PN17 issues. The Group is continuously looking for projects/contracts via tendering and is cautiously optimistic of the future prospects of the Group.
The Group is in the midst of evaluating and formulating its proposed regularisation plan to streamline its financial conditions and improve the Group’s performance.
......On 2 May 2024, Bursa Securities granted an extension of time of six (6) months up to 31 October 2024 to submit its regularisation plan to the relevant regulatory authorities. The Group is in the process of formulating the Proposed Regularisation Plan for submission.
----The Group is in the midst of evaluating and formulating its proposed regularisation plan to streamline its financial conditions and improve the Group’s performance.
The efforts towards the recovery of the awarded sum of RM252.8 million are still ongoing. The Group is still pursuing the recovery action and working closely with the solicitors in Abu Dhabi, United Arab Emirates to recover the awarded sum.
The new CEO came in because of relationship " u help me then i help u" or because his outstanding performance? If capable person, from where also can. Hope came in because of capability....
With the extension of time granted by Bursa Securities until 31 October 2024, the Company has approximately two (2) months to submit its regularisation plan to Bursa Securities for approval to implement the same.
The Company will make the necessary announcement(s) regarding the development of the proposed regularisation plan accordingly.
PETALING JAYA: PN-17 company Zelan Bhd has appointed Mohd Ariff Abd Samat, 42, as its chief executive officer (CEO), after terminating the contract of its previous CEO, Hazimi Baharum, in June last year.
In a filing with Bursa Malaysia, Zelan said Mohd Ariff was group chief operating officer at Sarawak Consolidated Industries Bhd until July 2023, prior to joining Zelan.
“Mohd Ariff has over 18 years in key positions of internal audit, accounts and reporting and business planning and budgeting in the oil and energy industry during his tenure with PETRONAS, UMW Corp Sdn Bhd, Boustead Petroleum Marketing Sdn Bhd and KPMG Malaysia.”
Zelan was categorised as a PN17 company in May last year after its external auditor Nexia SSY PLT expressed a disclaimer of opinion on its audited financial statements for the financial year ended Dec 31, 2022. ------------- Note: With the extension of time granted by Bursa Securities until 31 October 2024, the Company has approximately one month to submit its regularisation plan to Bursa Securities for approval to implement the same.
### Hoping for a good news from the management/insiders. TAYOR
On behalf of the Company, Kenanga Investment Bank Berhad wishes to announce that an application for a further extension of time of 9 months up to 31 July 2025 to submit a regularisation plan to Bursa Securities has been submitted to Bursa Securities on 25 October 2024.
The efforts towards the recovery of the awarded sum of RM252.8 million are still ongoing. The Group is still pursuing the recovery action and working closely with the solicitors and other relevant authorities both in Abu Dhabi, United Arab Emirates and Malaysia to assist on the recovery of the awarded sum. --------- Are they delaying for this reason???? Buy for more time... in order to make this recovery action successfull. I think if this recovery action can successfully done, the problem will be solved.
(a) Practice Note 17 (“PN 17”) On 2 May 2024, Bursa Securities granted an extension of time of six (6) months up to 31 October 2024 to submit its regularisation plan to the relevant regulatory authorities. On 25 October 2024, Kenanga Investment Bank Berhad submitted, on behalf of Zelan Berhad, an application for a second extension of time for 9 months, until 31 July 2025, to allow for the formulation of the Proposed Regularisation Plan. This request is contingent upon the resolution of key legal matters that impact the Company's financial position and ongoing negotiations with potential investors.
(b) Trade receivables The efforts towards the recovery of the awarded sum of RM 252.8 million continue. The Group is actively pursuing recovery action and collaborating with solicitors. Recent developments indicate that diplomatic channels have been engaged to expedite this recovery.
(Note: A comparative figures from QR2 2024 included)
Summary:
The company
A: Revenue, profitability and NTA.
Revenue PBT Net Profit EPS NTA QoQ(%) YoY(%) 13,679K (20,029K) (21,437K) -2.54sen 18sen Down 2413% Down 16648%
B: Sitting on reducing positive reserve of RM 65,986,000.
C: Recorded a big net loss after recorded profit for FIVE quarters of the last SIX latest quarters.
D: Not a cash rich company.
E: Total assets > Total liabilities, Total current assets > Total current liabilities,
F: In the process of settling the PN17 issues.
The Group is actively addressing the ongoing PN17 issues and is currently looking into and developing a proposed regularisation plan to improve its financial conditions and performance. To assist with this, the Group has engaged an advisor to give professional advice and assistance during its restructuring initiatives.
On 25 October 2024, the Group submitted a further extension of time application to Bursa Securities for nine (9) months i.e up to 31 July 2025 to submit the Group’s Regularisation Plan to Bursa Securities. This request is contingent upon the resolution of key legal matters that impact the Group's financial position and ongoing negotiations with potential investors.
THE FINDINGS:
1. NTA 18 sen _ , Q2 2024 @ 19 sen 2. NOSH 844.92 mil _ , Q2 2024 @ 844.92 mil.
The Group reported a loss before zakat and taxation (“LBZT”) of RM20.0 million in the current quarter under review compared to a profit before zakat and taxation (“PBZT’) of RM0.3 million in the corresponding quarter of FY2023.
The decrease in PBZT is mainly due to the unrealised foreign exchange translation loss of RM22.2 million as compared to the unrealised foreign exchange translation loss of RM0.2 million in the same quarter of FY2023.
On behalf of the Company, Kenanga Investment Bank Berhad wishes to announce that Bursa Securities had, via its letter dated 15 November 2024, resolved to grant the Company a further extension of time of 6 months up to 30 April 2025 to submit its regularisation plan to the relevant regulatory authorities for approval.
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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....
speakup
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Posted by speakup > 2024-04-17 07:44 | Report Abuse
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