5 December 2017, Kajang, Selangor - Protasco Bhd substantial shareholder Chong Ket Pen acquires more shares after the company announced lowered profit margin, declining net profit and disastrous cash position, while continues (borrow) to pay guiltily high salaries and distribute a dividend.

Hong Leong Research recently downgraded Protasco Bhd to HOLD, and adjusted target price to RM1.14 due to a weakening of overall fundamental performance. Construction division booked a net loss, which potentially surfaced the weakness in PPA1 M project, which suffered high construction cost under low margin contracts.

Besides Bursa Malaysia and Securities Commission which might be fooled, a market is concerned the hidden profit margin booked to "outside of the group" is alarming obvious and fragile, which is potential an easy target for MACC and IRB to hunt down, especially compared to past years track record which might exposed transfer pricing trail. The abnormal salaries and pays, as well as cash-stress dividend using borrowed money, is a form of self-gratification.

The market continues to decline despite the announcements of substantial shareholder's support. Maybe with the ill-gotten money taken from Protasco Bhd, the share price could be artificially supported. Who knows?

Is sucked dry company to pay dividend legal? Subjective. Morally definitely a clear NO. Here is an interesting article about companies who borrowed to pay a dividend. Self-explanatory. http://www.themoneycommando.com/avoid-companies-that-borrow-to-pay-a-dividend/

Bursa News Report

source: https://lawyermenace.wordpress.com/

2017年12月5日， 富达公司哎呀大股东兼掌控人（张吉平 Chong Ket Pen)，号称牛叔，自己开自己天皇级薪水好比十大银行总裁价码，再来借钱给自己发股息，亏空公司自肥，当然发到猪头。拿督斯里怎么会有钱，白痴都看到啦。

自己再利用“不是很干净”得来的钱抄底，买富达公司自己的股票，大胆作风，好比打抢。更夸张的是，还利用这些“不是很光彩”的钱搞个什么“河婆馆“当馆长，丢尽客家人刻苦耐劳，一步一脚印老实人的传统，以血腥的手盖了河婆人一个耳光。可耻。

看看牛叔又耐不住大手笔买了200，000股，比较牛叔每月吸取富达公司白领所得，只是九牛一毛而已。被釜底抽薪蒙在鼓里的可怜朝外小股东，别期望股票交易所和证劵委员会低头找蚂蚁搬糖的工作效率了，大象踩过甘蔗园都看不到，悲哀。节哀顺便吧。可能所得税和反贪局倒有点希望，可惜动作太慢，抓到大鱼时，富达公司已经债务累累，钱被吸干了。

股票表现可能有牛叔自己买票挡一下股价，富达公司让牛叔牵着大局望死胡同里钻，短期笔者不宜多评，自己炒到多高，利用“你的钱”钓（吊）鱼（你），愿者上钩，看着办吧。

借钱发股息自肥合法吗？见仁见智。老外又媒体分析如下，看不懂的自己猜吧。可能自己良心早有答案了。

http://www.themoneycommando.com/avoid-companies-that-borrow-to-pay-a-dividend/

股票常理报道

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5628569

Changes in Director's Interest (Section 219 of CA 2016)

Information Compiled By KLSE

Particulars of Director

Details of changes

Acquisition

Direct Interest