KUALA LUMPUR (Nov 26): Protasco Bhd ( Financial Dashboard)'s EGM reconvened after it was interrupted by the news that Tey Por Yee and Ooi Kok Aun filed an injunction at the high court to prevent it from carrying on today.
Representative of Protasco said that while the High Court of Kuala Lumpur has yet to decide on the injunction application, the EGM was reconvened so that shareholders could vote on whether to proceed with the EGM today or postpone it to 3pm tomorrow.
Desperate and frivolous injunction. Not granted yet..Chong should just continue;why need to put to vote. TPY no respect for proper procedures and wasting Company money. TPY True colors of the low life character emerging. And some ppl still want to support him??
Heard from friend there. Point made in the monkey EGM. Chairman is really breaking law just to buy time for his friend Chong. But too careless, opening then "walk out" leaving all blurr!!! Wrong move should ask for vote! Proven not competent indeed!
Was told illegal so anything illegal goes 12noon onwards is illegal. Short notice is unfair for minorities and chairman did again second illegal postpone! They think we all minority small can simply bully? These Chong and board cronies are really wasting shareholders time at all cost! MSWG and authority should teach them lesson.
Business NewsHome › Business › Business News Protasco posts Q3 loss of RM69mil Wednesday, 26 November 2014
PETALING JAYA: Protasco Bhd went into the red with a net loss of RM69.18mil for the third quarter to Sept 30, 2014 from a previous net profit of RM13mil. Revenue jumped 27.1% to RM318.99mil.
The net loss was due to an impairment on the purchase consideration due from PT Anglo Slavic Utama and the advance made to PT Anglo Slavic Indonesia totalling US$27mil (RM84.64mil).
Without the impairment, the group’s profit from operations registered a growth of 9.3% compared to the same period in the previous year.
The company announced an interim dividend of 5 sen from 4 sen previously.
For the nine-month period, the company recorded a net loss of RM42.38mil from a previous net profit of RM32.77mil. Revenue incresed 14.78% to RM667.67mil.
There is an ongoing feud between Protasco’s two largest shareholders, executive vice-chairman and group MD Datuk Seri Chong Ket Pen and non-executive director Tey Por Yee.
An EGM will be held today to vote on resolutions to remove Tey and his associate and fellow board member Ooi Kock Aun. The shareholders behind this move are Chong and Tan Heng Kui, another Protasco director.
On Friday, there will be another EGM, jointly requisitioned by Tey and a company he controls, to oust Chong from the board.
Old monkeys trying to cover up scam and blame 2 directors. Today clearly shows the reckless board is indeed not independent, reckless and careless for the cover up of 1 man did wrong - Chong Ket Pen. The man with no honor.
See chong in jail lor. Egm is just a show. Show done making point board is supporting chong scam. Noted. All minority and authorities knows what to so.
Replacing Gideon Tan with Raj, Ong & Yudistra sealed TPY and OKA's fate. Gideon is one of the best commercial litigation lawyers in Malaysia and Singapore. He is very smart, keen, ruthless and always cast fear in the heart of opposing counsel. On contrary, ROY, in particular Ong Yu Jian as the handling partner is a newbie, unexperience and not a good commercial litigation lawyer.
It begs the question, why TPY and OKA switch their attack dog, a giant rottweiler with a mini poodle? Because the rott think his master is a not a good person and run away but the scheduled pit fight is two days away. What to do? Go to the nearest pet shop where only a poddle available.
Surprised! Why did the parties seeking the injunction cannot say out the grounds.Until we see or read the injunction, I think the Chairman was most gracious to adjourn and because of that he was faulted!!Did the new lawyer have any rights to be there unless he was a proxy such registered.
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....
marll
39 posts
Posted by marll > 2014-11-26 11:34 | Report Abuse
most possibility Egm might be cancel lo