Posted by Pek79 > 2023-12-28 09:37 | Report Abuse

From the date it start to jump up, seem like main reason is legal action was proceed to the persons who were said cheated to the company during the Indonesia investment.

13 Dec 2023
LEGAL SUIT AGAINST PT ANGLO SLAVIC UTAMA (1st Defendant), TEY POR YEE (2nd Defendant) AND OOI KOCK AUN (3rd Defendant)

21 Dec 2023
BANKRUPTCY PROCEEDINGS AGAINST TEY POR YEE AND OOI KOCK AUN


another reason could be the company finally gain positive profit on 3rd quarter.

Posted by virgogo > 2023-12-28 11:15 | Report Abuse

Both Tey and Ooi are former directors of Protasco Bhd. The company was misled by the 2 directors to invest
in Indonesia. High court found them guilty. They are well to do individuals. If Protasco is able to recover just
half of the judgment sum, will be good enough.

Posted by Diamond7 > 2024-01-07 10:00 | Report Abuse

Truth is revealed!
Chong ket Pen honest businessman...
Hope wil brin Prtasco back to glory days!

Posted by kcliew08 > 2024-01-22 21:55 | Report Abuse

Is this a Tun Daim related stock?

Posted by virgogo > 2024-02-02 18:54 | Report Abuse

Aiyo. Tun Daim has already lost his influence in awarding contracts. Businessman like Chong are pragmatic and
will keep in touch with those in power so that he continue to do business and get contracts. Look at the new
contracts awarded to the company the past 2 years. Same as Vincent Tan, who is friendly to all politicians past and present. Someone is intentionally trying to tarnish Chong name. Maybe because of the court case he won recently

Posted by JJPTR > 2024-03-01 13:54 | Report Abuse

THE Securities Commission Malaysia (SC) has filed a civil suit in the Kuala Lumpur High Court against five individuals for allegedly perpetrating a scheme to defraud and/or causing wrongful losses valued at RM120.6 million to four public-listed companies.

In a statement on Dec 12, the SC said it filed the suit on Nov 29, 2022 against Tey Por Yee (ASDION, IQZAN ,PRTASCO), Lim Chye Guan(NEXTGRAM}, See Poh Yee(NEXTGRAM, ASDION), Francis Tan Hock Leong (R&A) and Faizatul Ikmi Abdul Razak.(NEXTGRAM, IQZAN)

It said the companies involved are 1. Nexgram Holdings Bhd 2. R&A Telecommunication Group Bhd (delisted) 3. Asdion Bhd 4. Ire-Tex Corp Bhd. (new name IQZAN)

Posted by JJPTR > 2024-03-02 09:30 | Report Abuse

Another messy company involving messy Sales and Purchase deal.
YNH property
Bursa Securities unearths RM150m oversight by YNH Property

By Faiqah Kamaruddin
January 18, 2024 @ 10:50am

KUALA LUMPUR: Heavy selling pressure in YNH Property Bhd has led Bursa Malaysia Securities Bhd to unearth an oversight on YNH Property Bhd's part in not announcing a planned acquisition of a 2.06 hectare site in Desa Hartamas, Kuala Lumpur for RM150 million. 

When queried by Bursa Malaysia Securities Bhd on an announcement made in May 2023 that its subsidiary Kar Sin Bhd is to dispose of land in Desa Hartamas for RM170 million to Sunway Living Space Sdn Bhd, YNH Property said not announcing the proposed acquisition of the Desa Hartamas land from Great Wall Park Sdn Bhd (GWP) was an oversight on its part.

Citing the company's response to a query by Bursa Securities on May 25, 2023 and a query from Bursa Securities on the proposed disposals dated Jan 16, 2024, Bursa Securities asked YNH Property to provide the details and update on the steps/actions taken in rectifying the oversight and ensure that an announcement on the said acquisition is made prior to seeking the approval of YNH's shareholders for the said acquisition.


On April 18, 2022, the wholly-owned subsidiary of the YNH Property, Kar Sin Bhd (KSB) entered into a sale and purchase agreement with Great Wall Park Sdn Bhd (GWP) for the proposed acquisition of 2.06 hectare of land in Desa Hartamas, Kuala Lumpur for RM150 million.
In April 2022, KSB and GWP entered into a supplemental agreement to use RM239.5 million owing to KSB by GWP following the termination of a turney construction agreement dated June 20, 2016 to be paid as purchase consideration for the land
In September 2022, KSB and GWP agreed that KSB is not to to develop the Desa Hartamas land and KSB has sold the land to a third party purchaser.

The remainder RM89.5 million is to be refunded by GWP to KSB by June 30, 2024.
Questions...
1.Will GWP refund $RM89. 5million to YNH?
2.Original land purchase by YNH subs is RM $150m, than revised to RM170m, than revised to $RM239. 5m. YNH overpaid by $239.5m- $150m=$89.5m.

Posted by Yean Shin > 2024-03-27 13:35 | Report Abuse

Anyone holding this? Got volume suddenly

Posted by Dehcomic01 > 2024-04-10 09:15 | Report Abuse

Some times companies look for new ventures because the existing ones are not able to scale up. But new venture use up funds.

Take the case of Protasco. The company has reported 11 business segments even though the revenue for 2023 was only about 1 RM billion.

You may be forgiven for wondering whether management is just trying many things to see what works. When you look at the chart, you can see that only one segment is driving revenue and earnings. https://i.postimg.cc/3wXQxfYW/Protasco.png

It suggests that management is trying luck to see what else they can do. The worse part is that several of its historical ventures have lost money. And there are some which have ended up as legal cases as the company tried to recover what was paid.

I would think that it may be better for the company to return the excess funds to shareholders than try luck. Protasco is a cash cow. But the cash is not well deployed.

For more insights refer to https://www.youtube.com/watch?v=pBy8xOmH4Hs

Posted by anai anai > 2024-05-10 15:10 | Report Abuse

wow...32 sen.

Posted by abcb > 2024-05-11 07:07 | Report Abuse

Uptrend stock

Posted by speakup > 2024-05-11 09:50 | Report Abuse

what happen to court case involving corruption by MD and director?
https://klse.i3investor.com/web/blog/detail/protascofraudsued/2020-01-21-story-h1482870669-Protasco_Bhd_s_MD_sued_for_RM368m_claims_is_on_trial_today_20_January_2

Posted by HoChunFuat4u > 2024-05-16 09:30 | Report Abuse

You ask for it.
https://klse.i3investor.com/web/blog/detail/tundaimprotasco/2024-01-30-story-h-190091995-The_Protasco_Conundrum_Unveiling_the_Shadow_Empire_of_Tun_Daim_and_coho

Posted by HoChunFuat4u > 2024-05-16 09:33 | Report Abuse

The corrupted can bribe all the way to cover up crime. Chong Ket Pen MD Protasco = biggest corrupt in Tun Daim era. Sure can cover up all the way. Sure price goes up. Raid by MACC now only leaked in Singapore national news. Money all siphoned, paid everyone to cover himself, he forgot to cover Singapore news. https://www.malaysia-today.net/2024/05/11/in-focus-as-malaysia-corruption-dragnet-widens-pm-anwars-political-payback-threatens-to-hurt-business-sentiment/

Posted by Leon7357 > 2024-06-10 11:06 | Report Abuse

rocket go go go

Posted by JackTan1217 > 2024-06-10 19:45 | Report Abuse

Heard Privitisation offer price at NTA of 60 sen

Posted by speakup > 2024-06-10 21:24 | Report Abuse

Heard Rights Issue 30sen

Posted by 10xGoreng > 2024-06-24 11:47 | Report Abuse

Not possible for rights issue. Company has cash Rm130mil. April 2023 already announced sale of the university infrastructure. Any successful disposal means shrink in balance sheet and theoretically share price should go up. If there is any profits from asset sale, a bonus issue is more likely as compared to rights issue. Retained earnings of Rm50mil is big enough for the company to do a one off bonus issue. Owner is old enough to retire. Bonus issue one big one before retirement is very possible.

Posted by speakup > 2024-06-24 14:06 | Report Abuse

Insas cash rich pun ada Rights Issue kenapa Prtasco tak boleh?

Posted by happylov3r > 2024-06-24 20:31 | Report Abuse

@Speakup, when did Insas do right issue? Rights issue has few purposes to raise money. Company in cash trap and need fund, shareholders dilution etc. Did Insas do right issue?When and why?

Posted by happylov3r > 2024-06-24 20:49 | Report Abuse

I tend to agree with 10xGoreng that the company does not need any more money if there's an asset sale. And if you look into the accounts, there is a possibility they could do a bonus issue if the sale of asset is at premium, if not a one-off dividend. Worst come to worst, share price would benefit first before all these potential payouts.

I saw some earlier comments that there is a privatisation offer of 60c. Not a surprise too as company is way undervalued. If we use RM336mil equity divide by 495mil number of shares, the liquidation price is at 67c, which is approximately double from current.

This could be a hidden gem given that the property stocks are moving due to stability and proactive government. Malaysia Boleh!!

Posted by 10xGoreng > 2024-06-26 11:12 | Report Abuse

The asset sale is a right move. If the university not making money, they should sell it. For all these years it has been paying dividend to reward shareholders. Time to reward us again.

Posted by happylov3r > 2024-07-01 11:51 | Report Abuse

Today second day of rebounding upwards. TA looks promising for a return to uptrend. Once break above immediate resistant at 0.36, it will gain momentum. I’m glad I entered at 0.33. At least now is in the money ;)

Posted by 10xGoreng > 2024-07-03 11:31 | Report Abuse

breaking 0.40. gogogogo. Today volume starting to churn. Sky is the limit....

Posted by Dehcomic01 > 2024-07-16 14:39 | Report Abuse

The history of the Group can be traced back to the 1990s when its founders started the road maintenance business. Since then, Protasco has diversified and restructured so that in 2023 it reported its performance under 11 business segments.

https://i.postimg.cc/zXpHVP5p/Chart-1.png

Protasco's performance had declined over the past 12 years. Although the Group had tried to diversify into other businesses, the road maintenance business is still the main revenue and profit contributor.

While there is a margin of safety, (the stock is cheap) the business fundamentals are not that good. I think there are construction companies with similar margins of safety but better business fundamentals. For more insights refer to page 19 of INVEST
https://notice.shareinvestor.com/email/newsletter/invest/pdf/Vol215-Invest-12Jul.pdf