Crocs and Tigers in Bursa Malaysia
挂羊头卖狗肉：Protasco Bhd won of Selangor contract was divested in 7 days? Investors puzzled. What's next?
Tales4dogs
Publish date: Wed, 28 Jun 2017, 02:17 PM
2017年6月22日 － 建筑公司富达近年来动作频频，操控公司账目和复杂交易不说，近来更在得到RM1亿7千4百40万合约后，7天内静悄悄低调贱卖该子公司股权。大胆动作已经到了为所欲为，目中无人地步。
根据6月15日股票交易所报道，富达70%子公司KPS－HCM Sdn Bhd 获得Central Spectrum (M) Sdn. Bhd 合约，在18个月内完成RM1亿7千4百4十万基本设施工程。以行内一般净利百分比计算，大概不会少过RM3千万赢利。为何在6月21日又突然宣布以RM1百71万5千卖了21%股权，自甘凄凉沦落为49%股东呢？单单以RM3千万盈利计算，21％股权本益比就算8倍（行业均比），也得估价RM4千5百万。就算以盈利计算，也得拿回RM6百万。难道富达有不可告人的内情不能让股东和有关执法机关知道，以半骗带暪方法，硬生生卖了草草了事？富达如此咂舌的动作，神出鬼没到媒体都‘忘了“报道，有操控媒体嫌疑，司马义之心人人皆知。难道富达在张吉平的掌控下，可疑的交易可以明目张胆的干，什么都可以瞒天过海，股票交易所就从来“不必过问”，媒体就可以推磨报喜不报忧，以达到掩人耳目目的？市场质疑有关当局的公信度难道就荡然无存，人格与尊严都当了？
张吉平的神奇来历，如何以公务员身分突然一夜爆富，特别是如何突然夺得富达控制权，以及短期间来历不明的财物累积，手法可谓出神入化，市场普遍映射和张等同党明目张胆的利用富达里外偷抢骗拐嫌疑有关。短短2014-2017年间，张吉平竞夺富达控制权可能手段粗糙，半骗半抢，但目中无人鲁莽程度大概前无古人，后无来者。公司现金流去向更是疑点重重，以借钱发股息为由，其实是给自己荷包里塞钞票，市场早有泄漏消息张吉平公款私用，以公司季度报告显示，非常吻合，无风不起浪，只有当事人可以解答。且看下回分解。
22 June 2017 - Construction company Protasco Bhd had seen sophisticated accounting treatments, and abnormal contract arrangements. Latest news is the lost of controlling interest in subsidiary KPS-HCM Sdn Bhd just 7 days after being awarded some RM174.4 million jobs.
According to 15 June 2017 Bursa Malaysia announcement, Protasco Bhd quote "The Company is pleased to announce that its subsidiary, KPS-HCM Sdn. Bhd. has been awarded by Central Spectrum (M) Sdn. Bhd., a subsidiary of Kumpulan Hartanah Selangor Berhad, the proposed infrastructure works for the development of Phase 3C, Lot 74079, Pulau Indah Industrial Park, Pulau Indah, Mukim Klang, Daerah Klang, Selangor (“Works”), for a total contract sum of approximately RM174.4 million. The Works are to be completed within 18 months commencing from 5 July 2017 to 5 January 2019 and are expected to contribute positively to the earnings of the Protasco Group for the financial year ending 31 December 2017. "
KPS-HCM Sdn. Bhd. was a 70% subsidiary of Protasco Bhd.
However, on 21 June 2017 Bursa Malaysia announcement, the company further quoted "Protasco Bhd wishes to announce that its wholly-owned subsidiary, HCM Engineering Sdn Bhd (“HCM”) had on 21 June 2017 entered into a Subscription Agreement with Kumpulan Perangsang Selangor Berhad (“KPS”) for the subscription of 1,715,000 ordinary shares by KPS in KPS-HCM Sdn Bhd (“KPS-HCM”) for the total cash consideration of RM1,715,000 (“Subscription”).
The Subscription will result in HCM diluting its shareholdings in KPS-HCM from 70% to 49% and therefore ceased to be an indirect subsidiary of Protasco."
Market was spooked with such strange decisions, where a contract was just awarded was divested in just 7 days later for a considerable low price of RM1,715,000 paid by Kumpulan Perangsang Selangor Berhad ("KPS"). According to market profit margin of abour RM30mil from the said contract alone, and industry P/E of 8 times, KPS-HCM valuation should be around RM240mil, where 21% divestment shall value at least RM48mil. Even at zero P/E and profit of RM30mil basis, 21% shares could have worth at least RM6mil. Is Protasco Bhd cash flow in such critical condition, where they need to divest majority of a subsidiary to raise less than RM2 million?
According to the company announcement, KPS-HCM was initially incorporated as a joint venture to secure and undertake a 7-years contract for state road maintenance awarded by the Selangor State Government. Moving forward, the shareholders of KPS-HCM intend to broaden the scope of its business activities to include general civil engineering works, building construction and maintenance in addition to the construction, maintenance, refurbishment and rehabilitation of roads. Does this mean Protasco is breeding a competitor in the whole process to take away its business? Were there other reason or consideration shareholders and authorities shouldn't know?
The Subscription will enable KPS to take majority control and enabling KPS-HCM to become a subsidiary of a state-owned corporation. With the Subscription, it is envisage that KPS-HCM would have strong growth opportunities and business sustainability which would have positive impact on Protasco’s future earnings albeit non- consolidation of KPS-HCM’s result.
In short, the company is divesting the subsidiary for a low price, and (made) to escape shareholder approval.
The strange conduct of Chong Ket Pen could trace back to his sudden gain in power in November 2012, or 5 months after he was removed from his position in Protasco (on June 2012) by former Protasco owner; and the jaw dropping speed in his acquisition of Protasco shares from year 2014-2017. This is the same period where Protasco have to borrow money to pay dividend, especially to Chong himself, while company cash position plunged to historical low especially after year 2015. During Chong's sole control of Protasco, corporate governance in Protasco is virtually nil. (refers to: https://dogsofbursamalaysia.wordpress.com, https://www.youtube.com/results?search_query=chong+ket+pen )
Despite recent entry of EPF, MD Chong Ket Pen continues to churn out cash to purchase the company shares. Investors in general remain sideline and are looking for clearer signals if there are anymore surprises from Protasco Bhd.
FinNews
References:
http://www.bursamalaysia.com/market/listed-companies/company-announcements/5461765
OTHERS LETTER OF AWARD FOR INFRASTRUCTURE WORKS
| PROTASCO BERHAD |
| Type | Announcement |
| Subject | OTHERS |
| Description |
LETTER OF AWARD FOR INFRASTRUCTURE WORKS |
|
The Company (“Protasco”) is pleased to announce that its subsidiary, KPS-HCM Sdn. Bhd. has been awarded by Central Spectrum (M) Sdn. Bhd., a subsidiary of Kumpulan Hartanah Selangor Berhad, the proposed infrastructure works for the development of Phase 3C, Lot 74079, Pulau Indah Industrial Park, Pulau Indah, Mukim Klang, Daerah Klang, Selangor (“Works”), for a total contract sum of approximately RM174.4 million. The Works are to be completed within 18 months commencing from 5 July 2017 to 5 January 2019 and are expected to contribute positively to the earnings of the Protasco Group for the financial year ending 31 December 2017. None of the Directors, major shareholders of Protasco or person connected with them have any interests, direct or indirect, in the award of the Works.
|
|
Announcement Info
| Company Name | PROTASCO BERHAD |
| Stock Name | PRTASCO |
| Date Announced | 15 Jun 2017 |
| Category | General Announcement for PLC |
| Reference Number |
GA1-15062017-00055 |
http://www.bursamalaysia.com/market/listed-companies/company-announcements/5466521
OTHERS SUBSCRIPTION OF ADDITIONAL SHARES IN KPS-HCM SDN BHD BY KUMPULAN PERANGSANG SELANGOR BERHAD
| PROTASCO BERHAD |
| Type | Announcement |
| Subject | OTHERS |
| Description |
SUBSCRIPTION OF ADDITIONAL SHARES IN KPS-HCM SDN BHD BY KUMPULAN PERANGSANG SELANGOR BERHAD |
|
Protasco Berhad (“Protasco”) wishes to announce that its wholly-owned subsidiary, HCM Engineering Sdn Bhd (“HCM”) had on 21 June 2017 entered into a Subscription Agreement with Kumpulan Perangsang Selangor Berhad (“KPS”) for the subscription of 1,715,000 ordinary shares by KPS in KPS-HCM Sdn Bhd (“KPS-HCM”) for the total cash consideration of RM1,715,000 (“Subscription”). The Subscription will result in HCM diluting its shareholdings in KPS-HCM from 70% to 49% and therefore ceased to be an indirect subsidiary of Protasco. The detailed announcement is attached herewith.
|
|
Please refer attachment below.
Announcement Info
| Company Name | PROTASCO BERHAD |
| Stock Name | PRTASCO |
| Date Announced | 21 Jun 2017 |
| Category | General Announcement for PLC |
| Reference Number |
GA1-21062017-00012 |
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