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Author: FakeIsFake   |   Latest post: Tue, 3 Oct 2017, 12:35 PM

 

What is Protasco Bhd doing in Sri Lanka? Past record speaks. What do you think? - FiNews BursaLink

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14 September 2017 - Property and construction company Protasco Bhd announced today entry into Sri Lanka for construction and infrastructure projects. Protasco subsidiary HCM Engineering Sdn Bhd has incorporated a wholly own subsidiary in Sri Lanka, known as HCM Builders Lanka (Private) Limited with a registered capital of 100,000 Sri Lankan (approximately RM2,700).

 

 

According to Protasco announcement to Bursa Malaysia, The intended business activities of H C M Builders are mainly to undertake construction and infrastructure works in Sri Lanka. The investment in H C M Builders is not expected to have a material effect on the earnings or net assets of the  Protasco Group for the year ending 31 December 2017.

 

 

Protasco Bhd business except the road maintenance concessions inherited from Protasco former political-linked owner, over the years the management had failed most of Protasco ventures abroad. According to Bursa Malaysia past announcements, Protasco had failed in projects from South Africa, Libya, Syria, China Hainan, Cambodia and of cause Indonesia. The last venture in Indonesia oil & gas was a disaster which turns into devastating shareholders fights, where the market believe Chong manufactured blame and fabricated charges on Ooi Kock Aun & Tey Por Yee which landed Chong with the control of Protasco Bhd.

 

With Protasco past track record, the market is skeptical of the company latest entry into Sri Lanka. If the ugly Sri Lanka dance fails to impress shareholders, wonder who will be next scapegoat for Chong to blame? One thing is for sure - Chong Ket Pen will hide behind Protasco Bhd when hot spoiled curry chicken shoots up the roof.

 

Protasco Bhd share price tanked the next day after the Bursa Malaysia announcement.

 

 

FiNews feat bursaLink

 

Source: http://www.bursamalaysia.com/market/listed-companies/company-announcements/5543705

 

OTHERS INCORPORATION OF A NEW SUBSIDIARY IN SRI LANKA

PROTASCO BERHAD

 

Type Announcement
Subject OTHERS
Description
INCORPORATION OF A NEW SUBSIDIARY IN SRI LANKA

The Company wishes to announce that its subsidiary, HCM Engineering Sdn Bhd  has incorporated a wholly own subsidiary in Sri Lanka, known as H C M Builders Lanka (Private) Limited (“H C M Builders”) with a registered capital of  100,000 Sri Lankan Rupee (approximately RM2,700).          

 

The intended business activities of H C M Builders are mainly to undertake construction and infrastructure works in Sri Lanka.   

 

The investment in H C M Builders is not expected to have a material effect on the earnings or net assets of the  Protasco Group for the year ending 31 December 2017.

 



 


Announcement Info

Company Name PROTASCO BERHAD
Stock Name PRTASCO
Date Announced 14 Sep 2017
Category General Announcement for PLC
Reference Number GA1-14092017-00055
 
 

 

 

 

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