Lets wait for the announcement later see whether the buy volumn is triggered by positive news. If really a good news, then both lioncor and liondiv will dance. Again, dont speculate. Hahaha....
BANTING - Pengurus Kanan Perhubungan Pekerja Lion Group, syarikat induk Megasteel, P.Vasu berharap berlaku keajaiban dalam industri keluli tempatan dan pulih kembali.
Menurutnya, Megasteel Sdn Bhd adalah salah satu mangsa kejatuhan industri keluli tempatan akibat penurunan ringgit dan kegiatan lambakan keluli dari China.
"Pengeluar tempatan kini berdepan persaingan sengit ekoran harga keluli dari China yang rendah dan peningkatan kos operasi.
"Lebih membimbangkan kami pengeluar keluli tempatan paling terjejas teruk dengan aktiviti import lambakan keluli dengan harga murah sejak beberapa tahun lalu," katanya dalam Sidang Media di Megasteel Sdn Bhd, hari ini.
Beliau berkata demikian sebagai respons kepada tindakan pihak syarikat terpaksa memberhentikan sementara lebih 400 pekerja.
Vasu menambah, pada waktu ini, kapasiti pengeluarannya hanya digunakan 20 ke 30 peratus sahaja.
Katanya lagi, ekoran itu, keadaan itu turut menyaksikan kerugian RM2 bilion pada 2014 dan paras terkini pinjaman banknya melebihi RM12 bilion.
"Kami sebenarnya sedih bila terpaksa putuskan buat pemberhentian kerja sementara kepada kakitangan kami.
"Kalau kami boleh elakkan, kami akan elakkan tapi nak buat macam mana," katanya.
Mengulas mengenai isu pampasan berkenaan, pihaknya masih tidak boleh mengeluarkan sebarang keputusan dan bergantung lagi kepada pengurusan dan pihaknya berjanji akan terus menjaga kebajikan pekerja dengan mendapat pelbagai faedah lain termasuk perubatan.
It was supposed to be a typical workday at Megasteel Sdn Bhd in Banting – the warm morning breeze intermingled with the regular clanking of hot rolled coils being produced from its steel mill.
The rhythm, however, was interrupted when a group of laid-off employees appeared and picketed in front of Megasteel’s gleaming office today.
The picketers carried placards with messages such as “We don’t want to be laid off”, “We want compensation”, “Megasteel is being cruel” and even a “Please help us, Prime Minister Najib”.
Also present at the scene was Metal Industry Employees’ Union (MIEU) president Samsudin Usop, whose organisation has represented 10,000 workers in metal products manufacturing factories since 1963 (according to its Facebook page).
“We (the picketers) are here to voice our displeasure at Megasteel’s actions of having laid off about 600 employees since January this year,” claimed Samsudin.
“With their average salaries suffering a 50 percent reduction from RM1,800 monthly to RM900 per month, how will these workers manage their life commitments like paying for their car or motorcycle loans, home rents, and children’s education expenses?”
“They (Megasteel Sdn Bhd) have also not informed us on how long this layoff period will last,” he added.
“So, we tried to schedule a meeting with Megasteel executives today, but unfortunately, the discussion did not take place as they (Megasteel) requested that only two of us (among the affected employees and picketers) can be present at the meeting,” he claimed, adding that the picket’s committee comprises six members.
When queried about the “Please help us, Prime Minister Najib” placard, Samsudin clarified that the picketers expressed hope that Prime Minister Najib Abdul Razak can aid the laid-off workers in returning to full employment.
“We hope the prime minister will help us by taking action against the rising imports of foreign hot rolled coils, which are imported at a cheaper price compared to local productions.
“When this (rising cheap foreign import) problem is solved, Megasteel can increase its revenues once more, and thus, help the workers in regaining full employment,” Samsudin said.
Megasteel’s side of the story
Malaysiakini has also contacted the Lion Corp subsidiary company, Megasteel Sdn Bhd, for its side of the saga.
Vasu Palanisamy, the senior manager group industrial relations and employee relations (IRER), claimed that because of Megasteel’s affected revenues, it implemented a layoff exercise among its employees from January 2016 onwards.
“A total of 486 employees had been laid off since January 2016,” Vasu claimed.
“For the moment, it’s unnecessary for our affected employees to report to work. They are on a work standby list, where we will contact them when their skills are required at work.
“Despite temporarily receiving a 50 percent cut in salary during their layoff period, these workers still enjoy employment perks like their medical treatments, which are paid for by Megasteel,” Vasu added.
Asked if any action will be taken against the picketers, Vasu said “No”.
“Nobody (involved in the picketing) will be reprimanded, for it was a peaceful gathering and we also understand their concerns with coping with the current cost of living.
“We still want to maintain a good working relationship with the (MIEU) union. (MIEU) is cooperative in the sense that we can still hold discussions to resolve this matter,” added Vasu.
Hope for the future
Vasu also said the affected employees will be at the top of Megasteel’s full-employment hiring list – with first-choice employment opportunities – when the company’s revenues and production rates recover.
“In addition, the Lion Corp training arm, CEDR (Corporate Consulting Sdn Bhd), has also been conducting free training sessions for the affected employees, with each session lasting a few weeks.
“The CEDR trainers help our employees by providing motivational talks, improving their CVs, prep them for interviews and invite potential employers who are seeking to hire new employees,” Vasu added.
So, what’s next for Megasteel and its disenchanted employees?
“We will schedule a meeting with the MIEU and picketers in the next few days,” Vasu said.
Correct. You are right. Good or bad also can goreng, depends on buaya. But company without financial issue is easier to goreng. Can attract more buyer. If good news (clear the worry)announced, this counter will move.
We refer to the announcement of the Company dated 1 November 2013 wherein it was announced that the Malaysia Competition Commission (“MyCC”) issued its proposed decision in which MyCC is of the view that Megasteel Sdn Bhd (“Megasteel”) has breached the provision of section 10(1) of the Competition Act, 2010 in that Megasteel has abused its dominant position by charging or imposing a price for its hot rolled coil that amounts to a margin squeeze that produces anti-competitive effects in the cold rolled coil market (“Proposed Decision”). Under the Proposed Decision, a financial penalty of RM4,500,000.00 is to be imposed by MyCC on Megasteel.
The Board of Directors is pleased to announce that pursuant to a notice of finding of non-infringement from MyCC dated 15 April 2016, MyCC had determined that there is no infringement by Megasteel of section 10(1) of the Competition Act, 2010 as stipulated in the Proposed Decision. In arriving at the non-infringement finding, MyCC had concluded that Megasteel did not abuse its dominant position nor practice margin squeeze in the relevant domestic markets. The above final decision was made after careful reassessment of the case with more detailed information obtained through written and oral representations submitted by Megasteel as well as further analysis made by MyCC.
Can be considered as little good news. At least: "Megasteel did not abuse its dominant position nor practice margin squeeze in the relevant domestic markets." But still pending for its regularisation plan. Need to clear the "road block". Once road block is cleared (only if), the price will move like other steel counters.
Gave up on this counter. thought backed by the man will be good. Loss the most after holding so many years. Kept adding and keep dropping. Now I am clear of all. Take 5 sen better than taking 1 sen back.
This counter is going to shoot, as the reason below is realiable, 1)the excessive of steel left in china is being digest over a years. The demands started to grow and the iron ore in australia is going to looking good in future. 2) most of the steel company stock in malaysia have been shooting up for few week, the goreng kaki is going to change the stock which havent been goreng. 3)the lion corp didnt break the against the law as the news just spread out yesterday. 4) lion corp stock price have breakout the downtrend line, and shows double bottom.
So, it is great chance for u to invest. Dont regret before it is too late!
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....
investor99
733 posts
Posted by investor99 > 2016-04-01 16:23 | Report Abuse
sharkeatapple, sleeping more than 2 years, finally lion awake??