now the question is can the new chairman be trusted or not??? make sure she is hired to deliver ....
The Chair of Cypark, Dato’ Ami Moris said, “The impairment assessment was done in a timely and prudent manner to best reflect the financial position of the Group. It enables the management to focus on completing active projects”.
Dato’ Ami Moris further added, “Moving forward, we remain focused on delivering active projects, such as the Selgate RM109 million hospital construction contract, LSS2 Floating Solar Project in Danau Tok Uban, Kelantan and LSS3 Solar Project in Merchang, Terengganu. Upon completion, the LSS2 Floating Solar will be the largest floating solar in the world outside China with combined capacity of 60MWac/100MWdc while LSS3 Merchang will become the largest solar farm in the country with 100MWac/171MWdc capacity. Both are targeted to be completed by end of 2023. With this, Cypark will have approximately 400 MW of RE assets under its operational portfolio, maintaining our position as the largest RE player in Malaysia. Whilst focus is to complete active projects, Cypark continues to identify immediate opportunities such as the Corporate Green Power Purchase (“CGPP”) program, the lifting of the export ban on renewable energy, and accelerated energy transition plans by corporates and governments.”
expecting more private placement in coming months to boost nosh to 2b in order to survive. cash has been reduced half with only 150m balance. 67m just the interest alone. f the recurring income can't even pay off your debts interest. sell and stay away. TP 40c
which dump investor still willing to invest their money via PP or RI? doesnt make any sense...
I feel that the lousy ex management was aware of the impairment but deliberately chose not to disclose it to the public... thn after Jakel join this company, they spotted something fishy and so hired Dato' Ami Moris ... It is possible that Dato' Ami Moris, being hired to clean up the situation, made the decision to declare the impairment loss to the public....end of the day, her goal is to clean up cypark shit...
Just buy when it dips, most major companies will take chance to do huge impairments at the right time. Its common especially company who has audited tangible assets like oil and gas companies. Buy when first sign of rebound after this dip, keep for next uptrend at least 1-2 quarters
wont going to 10 sen ...only make one off impairment huge loss ... but project property still exist.. so at least still gt something to support the fundamental.
@Star168, do u believe only 1 time impairment lost? Hahaha if it was not because they hired the new chairman, I would have sold all my share on Monday. I really hope the new chairman is not here to do wayang only ....
Integrity, transparency, or even illegality issues here. Past profits turned into impairments over time, and not into cash. Tenaga and government agencies are best paymasters supposedly and many shareholders got cheated.
JAKS Financial ended: 2022: 2021: 2020: 2019 Impairment loss on: Trade receivables RM: 5,099,410: 9,848,415: 25,862,099: 5,318,354 Other receivables RM: 18,737,258: 13,461,525: 45,331,965: 7,188,995
SERBA DINAMIK HOLDINGS BERHAD Financial: 9 months ended 31/3/2023: Year ended 30/6/2022: 30/6/21 Impairment of trade and other receivables RM: 865,009,000: 393,205,000: 394,998,000
I cannot believe that Bursa reply to me on impairment of receivable: Please also note that it is the prerogative of the Board of Directors of the listed issuer whether to take legal action with regard to recovery of the receivables.
So impairment of receivables did complied with approved accounting standards and can be used as a legal way to whitewash accounting fraud or siphoning listed company money to relate party, friendly party or to own private company?
Directors, executives or otherwise, are controlled by major shareholders. Auditors will catch any fictitious transactions which normally become apparent only when they have grown too big. Then big loss will be reported in accounts as impairment loss. Minority shareholders voiced concerns, and SC may issue fines which will be paid for using company’s money which belong to shareholders. Then the company gets delisted, and shareholders lose 100% of their investment. This is how the story typically ends in Msia.
they make the provision bcz the new shareholder and chairmen wish to be more transparent and prudence, they prefer to make huge provision now to alert every1 including investor, shareholder, govt that there is chance that the company may need to pay for all these provision.
Look...... 48 sen loss per share is NOT a token sum and definitely it warrants very careful assessment and even professional legal advice before such drastic decision was made. Have the Board/Management done so?
Where is their fiduciary duties that they owed to all shareholders and investors?
What was the motive behind to hastily provide on everything that on the flip side, they confirmed is ACT OF GOD and escape financial liability under FORCE MAJEURE clause? If that is the case...why provide in the first place?
Effectively, this announcement had mislead all investors that thought the company is in deep trouble!
Perhaps Bursa need to take a closer look at this announcement made!
You all should read the qr report. Dnt just look at the figures summary. They have decided to reflect all Impairments into this quarter and provide opportunity for them to start fresh for next quarter. Lots of major companies are practising this when they have significant depreciation of asset value, and etc.
Agreed with Whiteevoque. Perkeso bought strike and became shareholder. Want to refresh and start new again with this backup, thats why shot up to history peak of 1.23 when news came out.. for short or long term, it will be good..
@Whiteevoque......are u suggesting the Board is also sleeping on their job before this quarter announcement? Out of a sudden, they woke up and panicked and PROVIDE what ever there is to PROVIDE irrespective of any FORCE MAJEURE clause. If it was all due to pandemic/MCO imposed, I belief following your line of thought, all BURSA listed companies would have then wipe out in trillions in market capitalisation if ALL companies make FULL provisions.
Let us recalled that in the past, there was once a company by the name Goh Ban Huat Berhad and usually their EPS is in a single digit EPS. Out of a sudden, it was announced that the quarter EPS was 80sen and the stock went limit up in the next few sessions. Looks like their book keeper/CFO/Co Sec as well as Board of Directors are sleeping on their job.
Bursa quickly issued UMA and true enough, there was indeed an error detected! The shares went limit down in next few session. GBH was reprimanded by BURSA but the real victims are those innocent investors who chase the stock on the way up.
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....
AhHuat01
110 posts
Posted by AhHuat01 > 2023-07-01 00:37 | Report Abuse
now the question is can the new chairman be trusted or not??? make sure she is hired to deliver ....
The Chair of Cypark, Dato’ Ami Moris said, “The impairment assessment was done in a timely and prudent
manner to best reflect the financial position of the Group. It enables the management to focus on completing active
projects”.
Dato’ Ami Moris further added, “Moving forward, we remain focused on delivering active projects, such as the
Selgate RM109 million hospital construction contract, LSS2 Floating Solar Project in Danau Tok Uban, Kelantan
and LSS3 Solar Project in Merchang, Terengganu. Upon completion, the LSS2 Floating Solar will be the largest
floating solar in the world outside China with combined capacity of 60MWac/100MWdc while LSS3 Merchang will
become the largest solar farm in the country with 100MWac/171MWdc capacity. Both are targeted to be completed
by end of 2023. With this, Cypark will have approximately 400 MW of RE assets under its operational portfolio,
maintaining our position as the largest RE player in Malaysia. Whilst focus is to complete active projects, Cypark
continues to identify immediate opportunities such as the Corporate Green Power Purchase (“CGPP”) program,
the lifting of the export ban on renewable energy, and accelerated energy transition plans by corporates and
governments.”