2017年6月8日 － 道路维修公司“富达”（5070 PROTASCO）近来股东动作频频。股价在没有基本面的基础下，业绩一落千丈，股价暴跌，最低达到RM0.95 历史新低。公司赢利大跌75%，现金从2014年的RM2亿8千万，跌到上季度的RM3千万左右，公司基本上以举债度日，打肿脸皮当胖子，借钱发股息。

投资者似乎已经没有耐心，发现举债发股息只是少数没有打算卖票的当权派大股东得利，其它小股东一概被蒙在鼓里，股息已经不能取代股票大跌的亏损。看到公司财务状况每况愈下，懂事局一败涂地，纷纷逃之夭夭。

鹰派投资机构国民退休基金 EPF 虎视眈眈，终于下手大量收购富达股票。以6月6日股票交易所的报告显示，EPF已经累计了 25,394,800 富达股票。

不甘示弱的当权派富达单一大股东张吉平终于出手抢票，一连串扎了RM5百万购买5百万股，私底下买了多少，只有张懂知道。场内场外波涛汹涌，捞钱本事令人咋舌。直至6月8日，张吉平持股 106,486,239，市值RM1亿。张懂20年为政府公共事务部打工，过后为富达前老板徒劳受薪每月RM50千，10年不吃不好不过RM6百万收入，如何取得RM1亿现金购买富达股票，市场怀疑有关当局调查还在进行中。突然来了个老鹰张牙舞爪，张懂不得不出手，恐怕此地无银三百两，不打自招，为有关当局调查铺路。

看见张懂追击，狙击手EPF乘机倒卖1,000,000 股让张懂高价接货，从中套利。张懂还利用富达回购公司股票，希望达到稳住股东信心，扶持股价效果。

张懂父子连蒙带骗刚刚掌控富达大约3年，沉冤莫雪被耍走的前大股东还没有了断，突然杀入EPF等鹰派投资机构，市场相信这场戏刚刚开始。是好是坏，小股东保持观望态度。国进民退是自然定律，古今中外，始终不能避免。份外之财不可得，不义之财不可取，恐怕张懂贪赃枉法得来的富达期限已到，抵赖只是自取其辱，最后赔了夫人又折兵，也算自食其果。好戏还在后头。

副联财经

8 June 2017 - Road maintenance company Protasco Bhd saw the share price drop to 52 weeks low of RM0.95 when the company reported 2 continuous bad years, followed by 2 damaging quarterly results, with the recent quarter suffered 75% plunge of net profit. Cash in bank had vanished from around RM280mil in December 2014 to close to RM30mil in last quarter. The company is basically living on bank loan to pay off operation expenses and dividend.

Investors had lost patience due to capital loss which is more than the dividend paid. Great Eastern had disposed their investments, apparently cut loss, followed by retail investors. The share drop had alerted Employee Providence Fund (EPF), which bought substantial shares from RM0.95-RM1.02. EPF held 25,394,800 shares as of 6 June 2017.

On the other hand, according to Bursa announcement, Protasco single largest shareholder had purchased over 5 million shares from 25 May 2017 - 8 June 2017. Chong Ket Pen held 106,486,239 share as of 8 June 2017, with recent purchase price ranges from RM0.99-1.04. 

In view of strong accumulation by EPF, Chong Ket Pen also used Protasco Bhd to buy shares in hope to build confidence in the market. Bursa announcement reveal that Protasco Bhd on 25 May 2017 acquired 1,000 shares.

The public doesn't seem to buy the dividend story when Protasco Bhd substantial shareholder which controls the board seems to be using Protasco to borrow money to pay off dividend. With no intention to sell shares, the substantial shareholder literally used the company to paid themselves off, at the cost of other minority shareholders who suffered capital loss. Since the helm of power by Chong in 4th quarter 2014 until today, Protasco had ballooned total debt to RM800 million, where close to RM600 million are bank borrowings.

EPF is famous for long and short to enterprise owners, and has track record of hostile or sell their controlling stakes in their portfolio for a profit - regardless of who their investee is. With Chong's aggressive purchase of shares to support share price, EPF sold back 1,000,000 shares for a profit on 1 June 2017, apparently sold to Chong Ket Pen as per Bursa announcement.

With Chongs (Father and Sons) broke the silence and plunge into the stock market to grab for shares, market is anticipating more happenings in near future. The year 2014 reckless blame Chong manufactured and crowned on Protasco former substantial shareholders in order to take control of Protasco is still a time bomb which will back fire anytime. The entry of EPF is just in time to wrap this up, and confirm the insider rumor of nationalisation plan, which seems intensified and unavoided. The show has just begun.

FL FinNews

Source:

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5452085

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