To be honest, I would not imagine that the fight for power in the group would go to such drastic level, as to some inside-insider information was published to the public.
There was one article in particular that highlighted that there are suspicious related party transaction to a company called RapidCloud (M) Sdn Bhd, where the ultimate beneficiary would be Datuk Eddie Ng Chee Siong.
I think that the article provided much info on the transaction with RapidCloud (M) Sdn Bhd, but I still have my doubts on it.
1. According to the article, the author mentioned that Brian Ng Shih Chiow and Dino Ng Shih Fang is completely unaware of the transaction made with RapidCloud (M) Sdn Bhd. I mean, really?
It is very hard to believe the two brothers are completely unaware of the transaction.. to be honest, if they are unaware, then it is their negligence, which is very disappointing as they themselves are the major shareholders of the company.
2. The article had also mentioned a total transaction value of RM356,894.27 billed to Wannapay Sdn Bhd by Rapid Cloud (M) Sdn Bhd. It is a very strange and weird to say the person who was in-charged of finance did not know about this.
Anyway, since the issue of related party transaction (RPT) was mentioned… yours truly here wore student hat and downloaded the bursa guideline (link here) and look up the section on RPT. Ok, the threshold for reporting RPT is RM500,000 according to bursa… so these transactions below the reporting amount and do not need announcement.. hmm, this explain why it is not disclosed in the annual report.
Also, my own research on the company had shown that RapidCloud (M) Sdn Bhd had RM4.2 million in revenue for their financial year 2021 on CTOS.
I think any novice person like me can buy the report to study also lol, and I got inspired by the article.
Anyway, the transaction with Wannapay Sdn Bhd stands below 10% of RapidCloud (M) Sdn Bhd total revenue. Now, this is an important point.. this means >90% of sales come from other customers. Further check on the company website says that RapidCloud has been in existence since 1999 and has provided solutions to over 46,000 clients. You can check out the website here.. look like this is a legit company.. not a RM2 company set up to solely serve Revenue. So it could just be ordinary business transactions at arms length. Agree? Now come to think abt it, the author didn’t mention in the article what law was broken..
Well, I do not know if the value of the cloud server and other services provided are at market rate, discounted or premium, readers please let me know if you know the market rate.
3. Art of distraction?
If you work the article backwards, the writing seems to have the intention to increase the odds of winning for the two brothers prior to the EGM. To me, that is questionable, but I will still attend the EGM.
To me, and perhaps to all minority shareholders, the most critical part of the whole EGM is actually on the diversification into property. Once it is approved, then Revenue can participate in any construction and property related activities lol, then definitely I’m not holding the shares anymore.
Please do not attack me as I’m just stating some of the observations from the article that does not make sense to me, see you at the EGM. Let’s vote and make our voice heard!
A Revenue investor who is holding 100,000 units and continues to pray for share price to recover.
Revenue is once manipulated by some Gurus who mislead the retail investors and now get trapped there.
1 month ago
Agreed with your view. I don't side any Ngs, but definitely no property development.
Why invest in Revenue when there is plenty of property company like Sunway, Ecoworld,Setia with such high PE.
1 month ago
Revenue must diversify because Taobao already has cross exchange rate with RM since 4Q2022
1 month ago
Sorry to hear you hold 100k units of Revenue! I would not want to be in your shoes, but hope is all you have..Could all this be handled in a better way to resolve the situation. !!
1 month ago