Posted by Larrytrader > Jan 4, 2021 5:07 PM | Report Abuse

Thanks for the news, just found out from this forum

Posted by SHQuah > Jan 4, 2021 8:00 PM | Report Abuse

https://www.theedgemarkets.com/article/no-money-govt-no-payment-lrt3-contractors-says-prasarana-chairman

Posted by amzarb44 > Jan 4, 2021 9:27 PM | Report Abuse

At this point I believe George kent shud not rely on politicians to get projects, they must try to get projects from overseas instead

Posted by amzarb44 > Jan 4, 2021 9:34 PM | Report Abuse

https://www.malaysiakini.com/news/557606?utm_source=dlvr.it&utm_medium=facebook

Posted by getingreal > Jan 5, 2021 10:17 AM | Report Abuse

https://www.theedgemarkets.com/article/no-money-govt-no-payment-lrt3-c...
Taujudin should immediately apologize to MRCB-GK for misleading the press when he lied that all payments had been paid when due and making out that MRCB - GK had been falsely accursing Prasarana of dragging payments. Prasarana will be lucky if they don't get sued for malicious slander. Prasarana should pay its not for Contractors to fund the construction no matter the size of the construction companies. I have no doubt MRCB-GK are incurring about 165,000 a day improperly funding the Project for Prasarana. I trust Prasarana will do the right thing and cover MRCB-GK for their interest costs.

Posted by Sslee > Jan 5, 2021 10:23 AM | Report Abuse

Haha the return of UMNO warlord.
Tajuddin said MRCB-George Kent was alleged to have put pressure on their subcontractors to reduce the contract value.

“Reducing the value of the contract to bring down the cost, isn’t fair to the subcontractors. As a chairman, I cannot keep quiet and allow that to happen, I must intervene,” he said in response to reports that he had interfered with appointments of sub-contractors.

Tajuddin said he cared about the participation of bumiputera contractors. “It is a policy which we need to support,” he said.

Posted by neohts > Jan 5, 2021 11:32 AM | Report Abuse

Non Bumi company very hard to get new contracts.
UMNO or PH also useless. All corrupted.

Malaysia is the 2nd most corrupted country in the world.

Posted by VinceW > Jan 5, 2021 11:36 AM | Report Abuse

What country is the most corrupted in your view?

Posted by getingreal > Jan 5, 2021 11:45 AM | Report Abuse

So Tajuddin "negotiated" a price with the contractors and MRCB-GK has to take them on when they are a fix price contractor. I bet he did! MRCB-GK had to renegotiate their prices which likely left them with insufficient excess slush money to buy Taujuddin his usual coffee. So he's now crying. I bet he is!

Posted by EngineeringProfit > Jan 5, 2021 2:10 PM | Report Abuse

If only they believe in karma

Posted by neohts > Jan 5, 2021 2:47 PM | Report Abuse

Like that how to continue the LRT3 projects ? so many issues ? not enough money to continue.

Posted by sujibaby > Jan 5, 2021 6:28 PM | Report Abuse

Issues are common when it involves politicians. The BOD of GKent are not shy of well-connected big shots as well.SBB to keep the price above support level. Good signs.

Posted by Begineer > Jan 5, 2021 10:15 PM | Report Abuse

Issue with politicians may not be a good sign for future gov's project.

Posted by SHQuah > Jan 6, 2021 11:01 AM | Report Abuse

With the current Covid-19, even if there is an election this year, I won't go and vote. Who ever win, no difference. Government can change again anytime.

Posted by polycarp > Jan 7, 2021 6:44 AM | Report Abuse

Ppl changes no choice
So will the government

Posted by polycarp > Jan 7, 2021 6:55 AM | Report Abuse

Surely and slowly

Posted by williamtkb > Jan 7, 2021 7:00 AM | Report Abuse

Better change government. The politicians are like monkeys making monkey shows instead of managing country and helping Malaysian. All for own politicians benefits instead of Malaysian benefits

Posted by polycarp > Jan 7, 2021 9:56 AM | Report Abuse

When you make a monkey out of
yourself I will enjoy it.

Posted by FreshGraduate > Jan 7, 2021 7:25 PM | Report Abuse

Nice that's more like it. 200k sbb

Posted by SHQuah > Jan 9, 2021 5:41 PM | Report Abuse

Good share buy back.

Posted by Choivo Capital > Jan 11, 2021 4:10 PM | Report Abuse

https://www.malaysiakini.com/news/558386?utm_source=dlvr.it&utm_medium=facebook&fbclid=IwAR01-Susi_O2fzDlSfoZutXLWAJ0_QbicfFipp2BlJdzT-uTtdBPzZJ5lcM

See pay d, but slower.

Posted by SHQuah > Jan 14, 2021 6:03 PM | Report Abuse

https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3121308

Posted by rururunnn > Jan 14, 2021 6:13 PM | Report Abuse

raise sukuk, die lo

Posted by skc761103 > Jan 14, 2021 8:23 PM | Report Abuse

Buy while u still have chance buy in such level low price , raise 600mil for funding lrt3 n merger acquisition

Posted by SHQuah > Jan 14, 2021 8:42 PM | Report Abuse

What merger ? Merger with which company ?

Posted by SHQuah > Jan 14, 2021 8:43 PM | Report Abuse

Philips & Sslee ..... please advise.

Posted by Sslee > Jan 14, 2021 9:04 PM | Report Abuse

http://www.georgekent.net/agm/
The AGM minutes mention about acquiring companies in Europe and Asia for technology, products amd market.

Anyway it is good to have credit line ready if such opportunity present itself.

Posted by Sslee > Jan 15, 2021 8:53 AM | Report Abuse

In liabilities: 500 million Islamic debt and
In current asset: Cash and cash equilvalent 500 million untill this current asset as used for........

Posted by InsiderShark > Jan 15, 2021 9:17 AM | Report Abuse

I believe they are expecting to win some new projects soon, no reason to borrow so much for nothing.

Posted by neohts > Jan 15, 2021 10:30 AM | Report Abuse

So with the 500 millions Islamic debt meaning the company liabilities or loan is more than Cash in hand now. They need the money to pay for LRT3 sub contractors.

Posted by FreshGraduate > Jan 15, 2021 10:54 AM | Report Abuse

When the sukuk is issue definitely the cash will increase.

Posted by SHQuah > Jan 15, 2021 2:18 PM | Report Abuse

How many % of interest rate for 500 millions islamic debt and for how many years ?

Posted by RainT > Jan 15, 2021 3:21 PM | Report Abuse

no hope on construction projects la

going forward only GKENT can depend on the water meter only

already gone GKENT glory days when it has high construction project

Posted by RainT > Jan 15, 2021 3:26 PM | Report Abuse

until now GKENT still heavily link with government ....

even already cannot get any new government contracts

and share price continue to tanks

Posted by MiaoMiao7 > Jan 16, 2021 10:46 PM | Report Abuse

@RainT

Maybe this RM600m susuk is for them to branch out to new projects not related to gov?

Posted by Philip ( buy what you understand) > Jan 19, 2021 5:49 AM | Report Abuse

If you look at it from a scuttlebutt point of view, and from the June agm, everyone should thank sslee. His writing has been noted, recorded and lit a fire under gkent ass. All duly noted and recorded.

Latest project win is 40m for Sabah Sarawak, pahang, kelantan, kedah and perlis. Yes 600,000 meters over 2 years is a tiny amount, but the applications and future it presents shows that the pilot project works
And once deployed will be an exciting day moving forward.

As for the sukuk usage, I believe only 300m from gkent will be for paying subcon(300m more from mrcb) which will be more than enough. Getting A+ rating means the rates will be reasonably low.

More importantly is gkent expansion overseas with 15 new territories grabbed by Honeywell, including south korean, taiwan, and Thailand. They are spending money to do mergers and acquisitions in Europe and Asia to grow this market moving forward. This is a good market to be in especially if you already have the factory and technology involved. 200 million is expected to be used for this side of the expansion.

Doing government work is difficult especially if you want to do things the proper way.

But I think gkent is going about it the right way, and the value of the company moving forward.

As for share buybacks, if total up all the share buybacks from 2019 until today versus the share price at this moment, I think you can say that gkent has been saving us a lot of money, unlike topglove share buyback.

Posted by SHQuah > Jan 20, 2021 5:50 PM | Report Abuse

Share buy back just to support the price from dropping lower.