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133 comment(s). Last comment by Musang King at Oct 5, 2019 5:00 PM
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jowong7
56 posts

Posted by jowong7 > Mar 14, 2019 4:42 PM | Report Abuse

anyhow, u can ask amtek directors to confirm on this during agm.


Musang King
452 posts

Posted by Musang King > Mar 14, 2019 4:47 PM | Report Abuse

I asked. They dare not reveal anything. Hahahaaa


Musang King
452 posts

Posted by Musang King > Mar 14, 2019 5:07 PM | Report Abuse

Hahahaa..Everything is strictly P&C in this world. We can be charged with insider trading if we get Directors to involve. Many people got charged already. If we want answers, we have to find them out our ownself through today's searches provided by the Bursa and SSM.


Musang King
452 posts

Posted by Musang King > Mar 14, 2019 6:01 PM | Report Abuse

Extracted From the 2011 ANNUAL REPORT.

ACQUISITION OF A SUBSIDIARY COMPANY
On 26 May 2010, Amtek Garment Sdn. Bhd., a subsidiary company of the Company has entered into several sales
and purchases agreements to acquire the entire equity interest in Apparel International Sdn. Bhd. (formerly known as
Crocodile Sdn. Bhd.) (“Apparel International”), comprising 3,500,000 ordinary shares of RM1.00 each, representing
100% equity interest in Apparel International, for a total cash consideration of RM9,580,405.
The acquisition has been completed on 30 August 2010.
Details of net assets acquired are as follows:
Acquiree’s
carrying
Identifiable assets and liabilities value Fair value
RM RM
Property, plant and equipment 8,266,883 8,266,883
Investment properties 4,235,007 4,235,007
Inventories 22,655,013 19,580,105
Receivables 9,067,924 9,067,924
Taxation 494,680 494,680
Cash and bank balances 1,831,010 1,831,010
Deferred tax (liabilities)/assets (412,500) 355,000
Borrowings
- Bank overdraft (921,836) (921,836)
- Others (14,051,492) (14,051,492)
Payables (12,745,933) (12,938,525)
Identifiable net assets acquired 18,418,756 15,918,756
Excess of fair value of net assets acquired over purchase consideration (8,838,351) (6,338,351)
Purchase consideration 9,580,405 9,580,405


Musang King
452 posts

Posted by Musang King > Mar 14, 2019 6:16 PM | Report Abuse

On top of paying cash on acquisition of 100% shares of Parallel International 3.5 Million Shares for RM9,580,405-00, Amtek had to bear all the Liabilities inside that company that amounted to Borrowings RM15 Millions but overall Amtek made an extra RM8.838 Millions as Excess of fair value of net assets acquired at that point of time.

Of course Amtek had to run the company at gain and mostly losses over the period of 9 years from 2010 to 2018. Based on willing buyer willing seller basis, the purchase consideration for Parallel International ( Formerly known as The Crocodile ) was RM2.737 per share for 3,500,000 shares in 2010 which was a Fair Value for Sale of Crocodile 3.5 Million shares.

As such, the Land Value remains stated at cost in Amtek Accounting Book until now.


Musang King
452 posts

Posted by Musang King > Mar 14, 2019 6:21 PM | Report Abuse

Amtek 2011 Annual Report Page 98 Note 29(c) :

On 26 May 2010, Amtek Garment Sdn Bhd. (“Amtek Garment”), a wholly-owned subsidiary company entered
into several sales and purchases agreements to acquire the entire equity interest in Apparel International Sdn.
Bhd. (formerly known as Crocodile Sdn. Bhd.) (“Apparel International”) comprising 3,500,000 ordinary shares
of RM1.00 each, representing 100% equity interest in Apparel International, for a total cash consideration of
RM9,580,405. The acquisition has been completed on 30 August 2010.


Musang King
452 posts

Posted by Musang King > Mar 14, 2019 6:25 PM | Report Abuse

It was an outright purchase for the whole company as a willing buyer willing seller basis for RM2-737 per share and later Amtek had to bear all the losses from 2011 to 2018 that leads to the eventual sales of the Crocodile business at a loss last year.


Musang King
452 posts

Posted by Musang King > Mar 14, 2019 6:40 PM | Report Abuse

It is now clear that everything was explained clearly in the 2011 Annual Audit Report. The size of the land must be accepted according to what was reported year after year from 2011 to 2018 by their Accountants, Directors, Internal Audit Commitee and The External Auditors governed strictly by our Malaysian and International Accounting and Auditing Standards as required under the Companies Act 2016.


commonsense
474 posts

Posted by commonsense > Mar 14, 2019 6:47 PM | Report Abuse

Hi amtek minorities,

It seems u have done ur research on this investment. Hope u are right. Sincerely wishing u the best.

Good luck. Hope everything turns out well.


Musang King
452 posts

Posted by Musang King > Mar 14, 2019 7:35 PM | Report Abuse

Yes. Thank you very much. I am very sure of Amtek. Looking at the past events how they bought 100% of Crocodile Sdn Bhd. I am impressed they have made it for us. The way they are taking it private is now believable. Thank you for your blessing for the best. TQ.


Musang King
452 posts

Posted by Musang King > Mar 15, 2019 4:35 PM | Report Abuse

Today 15-3-2019 is the last final day to appeal Bursa's delisting from Amtek's management. If there is no appeal, 18th March 2019 is the last day of trading Amtek shares in the market. By 20-3-2019, Amtek will disappear from Bursa senerio. Please be informed. Wait and see Amtek appeals or not today?

Want to sell, please sell today. Maybe Monday Bursa stop Amtek from trading already.


Musang King
452 posts

Posted by Musang King > Mar 15, 2019 5:14 PM | Report Abuse

I have done my part to help in buying Amtek shares. I have no hidden agenda and I write with utmost honesty and I report what I found all through searches and due diligence. I even willing to buy at higher prices than the last traded price of RM0.175 if investors want to join me but I notice there was not much buyers but quite a number of sellers. That's all for the time being. I assume Amtek trading is now closed for good, without anymore appeal from the management. Thank you all for listening especially calvinteo, jowong and commonsense. Bye. Maybe see you again some other shares. Cheers.


calvinteo
277 posts

Posted by calvinteo > Mar 15, 2019 5:41 PM | Report Abuse

I bought some since 10 days ago.


jackfruit
303 posts

Posted by jackfruit > Mar 15, 2019 7:03 PM | Report Abuse

Minorites so confidence ah..Amtek management cannot be trusted. They are thives. once delisted they will quitely shift Amtek registered office to Tanjong Rambutan and strip all the assets to their nominee. U think u can get your money back.


jowong7
56 posts

Posted by jowong7 > Mar 16, 2019 12:14 PM | Report Abuse

PROPOSED DISPOSAL BY AHB OF ITS ENTIRE EQUITY INTEREST IN AMTEK
REALTY SDN BHD (“ARSB”), A WHOLLY-OWNED SUBSIDIARY OF AHB TO
COMMERCE DOT COM SDN BHD (“CDC”) FOR A TOTAL CASH CONSIDERATION OF
RM4,600,000 (“PROPOSED DISPOSAL”)


ARSB owns Wisma Amtek, a six and a half (6 ½) storey office building with two (2) storey warehouse annexed, basement car park and a guard house with a total gross built-up area of about 16,040 square meters (“sq mt”) within a piece of 99 years leasehold land (expiring on 29 December 2056) held under title, PN 10317, Lot 81, Section 20, Town of Petaling Jaya, District of Petaling, Selangor Darul Ehsan measuring approximately 7,479 sq mt. The building was issued with a certificate of fitness for occupation on 31 October 1998. Presently, AHB and its subsidiaries (“AHB Group”) occupy part of the fourth (4 th) floor of Wisma Amtek as its corporate office. The AHB Group also uses the warehouse of Wisma Amtek for storage of its stocks. The other floors of Wisma Amtek are presently rented to various tenants.

Amtek minorities...please read the word annexed warehouse. The current MPH warehouse were sold all-together with Wisma Amtek in 2010 to COMMERCE DOT COM SDN BHD. I know you have done a lot of searches but somehow I found all these information can't be ignored.


Musang King
452 posts

Posted by Musang King > Mar 16, 2019 6:38 PM | Report Abuse

Correct.

I have told you Amtek Sold away Amtek Realty (ARSB) to Commerce.Dot.Com for a Purchase Consideration of RM4.6Million in 2010 as reported in the Audit Report 2011 and at the same time bought over Crocodile (M) Sdn Bhd ( Changed name to Apparel International Sdn Bhd) for RM9.580 Million as Purchase Consideration the same year.

@ jackfruit - There is nothing fishy about the report and everything was in order.

@commonsense - The land that the current MPH is using still belongs to Amtek covering a vast area of 28,328 sq mtr. as all reported in the Audited Reports from 2011 onwards right up to 2018.


Musang King
452 posts

Posted by Musang King > Mar 16, 2019 6:43 PM | Report Abuse

@calvinteo - congratulations for successfully buying into Amtek on the last few days. I tried very hard to tell the investing public about Amtek's valuable assets but until now, very few people listened to me. Nevermind, as Jack Ma said, he tried very hard to tell people the truths about making money but nobody believes him. Hahahahaaaa...


jackfruit
303 posts

Posted by jackfruit > Mar 16, 2019 7:53 PM | Report Abuse

Minorities once Amtek delisted hope u can keep follow up with the management.otherwise it will be like promet.


jowong7
56 posts

Posted by jowong7 > Mar 16, 2019 8:47 PM | Report Abuse

please google map Apparel International Sdn Bhd. take a look at the photo of Apparel International Sdn Bhd or Crocodile factory. the address clearly stated 12-K, Jalan Tandang,Seksyen 51, 46050 Petaling Jaya, Selangor Darul Ehsan. everything is very clear.


jowong7
56 posts

Posted by jowong7 > Mar 16, 2019 8:58 PM | Report Abuse

u can decide whether this piece of property is a 7 acres warehouse.


dompeilee
6102 posts

Posted by dompeilee > Mar 18, 2019 11:18 AM | Report Abuse

Suspended! Good riddance...another 50 mil shares supply taken off the market!

Thanks for the profit I earned from you in 2014! & thanks for the nice AGM food in Nov '14! =)


Musang King
452 posts

Posted by Musang King > Mar 18, 2019 4:27 PM | Report Abuse

Further to the Company’s announcement dated 8 March 2019 and 11 March 2019, the Board of Directors of Amtek wishes to announce that Amtek will not be making an appeal to Bursa Malaysia Securities Berhad (“Bursa Securities”) in respect of Bursa Securities’ decision to de-list Amtek from the Official List of Bursa Securities. Therefore, the securities of the Company will be removed from the Official List of Bursa Securities on Wednesday, 20 March 2019.



With respect to the securities of the Company which are currently deposited with Bursa Malaysia Depository Sdn Bhd (“Bursa Depository”), the securities may remain deposited with Bursa Depository notwithstanding the de-listing of the securities from the Official List of Bursa Securities. It is not mandatory for the securities of a company which has been de-listed to be withdrawn from Bursa Depository.



Alternatively, shareholders of the Company who intend to hold their securities in the form of physical certificates, can withdraw these securities from their Central Depository System (“CDS”) accounts maintained with Bursa Depository at any time after the securities of the Company have been de-listed from the Official List of Bursa Securities. This can be effected by the shareholders submitting an application form for withdrawal in accordance with the procedures prescribed by Bursa Depository. These shareholders can contact any Participating Organisations of Bursa Securities and/or Bursa Securities General Line at 03-2034 7000 for further information on the withdrawal procedures.



Upon the de-listing of the Company, Amtek will continue to exist but as an unlisted entity and the shareholders will be holding shares which are no longer quoted and traded on Bursa Securities.





This announcement is dated 15 March 2019.


Musang King
452 posts

Posted by Musang King > Mar 18, 2019 4:31 PM | Report Abuse

As Expected. A good move at the expense of a Public Listing in BSKL. Syabas, AMTEK Directors and Management. We now all rely on you all to do a good job for us Minorities. Do not let us down. Thank you.


afterlight
54 posts

Posted by afterlight > Mar 20, 2019 12:37 PM | Report Abuse

Bye Amtek, bye Amtek Minorities


Musang King
452 posts

Posted by Musang King > Mar 20, 2019 2:57 PM | Report Abuse

Officially, Amtek is now delisted today 20-March-2019.


Musang King
452 posts

Posted by Musang King > Mar 25, 2019 6:36 PM | Report Abuse

Privatization
Making a public company private is a relatively simple maneuver that typically involves fewer regulatory hurdles than there are with private-to-public transitions. At its most fundamental basis, the private group makes an offer to the company and its shareholders, stipulating the price they are willing to pay for the company's shares. If a majority of the voting shareholders accept the offer, the bidder then pays the consenting shareholders the purchase price for every share they own.


Musang King
452 posts

Posted by Musang King > Apr 25, 2019 6:17 PM | Report Abuse

Waiting to attend their AGM. Must attend if any of you is still having Amtek Shares.


ElloMate
14 posts

Posted by ElloMate > May 23, 2019 10:52 PM | Report Abuse

Hi @Beststock pertaining to the bit about Syed Azmin's unearthly behaviors being spread on social media, could you provide some context?


Musang King
452 posts

Posted by Musang King > Jun 7, 2019 4:06 PM | Report Abuse

SYED AZMIN unearthly behaviours should be reported to our SSM and Securities Commission for taking Amtek private without letting the investors a choice to decide. By now, he should tell the investors what he should do with Amtek's assets and the monies inside the company. We should demand that either he himself buys over all the shares that he does not own or the Amtek itself buys back its own shares after re-valuation of all its assets by using its own money. SSM or SC should DO SOMETHING here to help release those INVESTORS got trapped by SYED AZMIN and his group of people.


Musang King
452 posts

Posted by Musang King > Jun 8, 2019 5:13 PM | Report Abuse

SELAMAT HARI RAYA SYED MOKHTAR & SYED AZMIN. SALAM AIDILFITRI DAN MOHON MAAF ZAHIR & BATIN.


Musang King
452 posts

Posted by Musang King > Sep 13, 2019 3:55 PM | Report Abuse

Amtek got delisted. They never inform or contact the minority shareholders to update what is happening inside the group. SC just made don't know. Amtek Management made don't know. This is the status a a Delisted Public Entity in Malaysia.


Musang King
452 posts

Posted by Musang King > Sep 13, 2019 3:58 PM | Report Abuse

Just feeling the company secretary is sitting there doing nothing from date of delisting until now. No News.


Musang King
452 posts

Posted by Musang King > Oct 5, 2019 5:00 PM | Report Abuse

AGM is coming soon in November 2019.

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