MMC Corp Bhd has passed a special resolution to liquidate MMC Zelan Sdn Bhd (MMCZ), a joint venture (JV) company with Zelan Bhd, as part of its rationalisation efforts to wind up dormant subsidiaries.
MMC and Zelan respectively hold 60% and 40% of the shareholding in MMCZ. The company was supposed to undertake any Light Rail Transit project but has not commenced any operations since its incorporation in May 2010.
IIUM will provide stable income. New project win or award by MMC will boost profit. Safer than Bandar Malaysia and ECRL that take years to complete and realise gain.
Why liabilities is so much? Major is from IIUM financing, project cost 390million .Effective Dec’2018, COA is received , shall contribute income in financial year 2019.
If Zelan can pay the financial charges for IIUM since 2016 , especially with project completion on 2015 and Meena financial charges since 2016 also , better financial position now........
Another hint on arbitration, why 43 agm on 11/6 ? Previously last 2 year in may. First quarterly report 2019 is out , so as arbitration award. If not good news , why want to wait........
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....
45AMG
621 posts
Posted by 45AMG > 2019-04-22 12:15 | Report Abuse
mmc fly, zelan fly.. yahoooo