15 June 2016, Kuala Lumpur - Bursa Malaysia announced that the construction company managing director Chong Ket Pen, the single largest shareholder cum Executive Director had purchased further 2,000,000 Protasco Bhd shares for RM1.50 per share on 15 June 2016.

Chong made his name with the sudden emerge of share purchases in year 2013 by playing out Tun Daim in year 2012. Started as a salaried employee with numeration as per annual report on Bursa Malaysia announcement from year 2003-2012 was merely RM50,000 per month, or RM6,000,000 for 10 years, however Chong has churned money from his closet to control over 77,000,000 shares in less than 2 years after Protasco new onwers hired him again in November 2012 despite being fired in June 2012. Bundled with market believed fabricated news to put blame and down play on the Protasco owners after Tun, in order to up play himself in Protasco, Chong had made a name being the most generous spender (aka Santa Claus) in media public relation, as well as paying whole trucks of advisors in fat legal and authorities lobbying fees, of cause under Protasco expense.

Even with the dividend from his 16,229,074 (or about 5% equity) shares holding in Protasco as per Bursa Malaysia 25 Oct 2004 public announcement, with 5 cents dividend per year, would also only gross RM800,000 per year, or RM8,000,000 for 10 years. Plus his sudden emerge as major shareholder in year 2013 and subsequent shopping spree buying up Protasco shares from thin air, his income would fetch less than RM20,000,000 over his entire career life, and assume he use all these money to buy Protasco shares. He would have RM20,000,000 worth of shares at most.

This is where magic happens.

Not bad for a salaried employee with RM15,000,000-RM20,000,000 incomes for 10 years, assume doesn't pay tax and doesn't eat or spend, and able to play out Tun Daim, and play out the subsequent owners, and held on record as per 15 June 2016, 77,537,992 shares worth over RM120mil in value in less than 24 months after he gained full control. A magically surge of RM100mil worth of un accounted purchases pulled out from Chong's magic hat is a stunning show!

The controversial Managing Director of Protasco, then Dato Chong Ket Pen, was reported by The Edge Daily (on 10 June 2016), that the beneficial owner of Protasco Tun Daim had replaced him on June 2012 with another executive director See Ah Sing. See which represent Tun was short-lived and resigned on November 2012 (5 months later), and Chong was re-appointed as Managing Director. The departure of See signals the change of Protasco beneficial ownership, which Bursa Malaysia recorded Tun proxy sold the controlling shares to bankers cum investors Tey Por Yee and Ooi Kock Aun. During the period of November 2012 until early year 2015, Chong is the only executive director of Protasco. After Chong took full control of the board when market believes he manufactured a blame game to ousted Tey and Ooi, Chong was on aggressive shopping mode buying up Protasco shares there after.

Coincidently, during the short period of year 2015 when Chong is fully in control, Protasco cash flow has been depleting from over RM200mil to mere Rm30mil as per recent quarter, while Chong is able to raise money out of thin air to fund his shopping spree. The reverse coincident of cash flow looks bizzare. On 15 June 2016, Bursa Malaysia announced that Chong had purchased another whopping 2,000,000 Protasco shares at average RM1.50 per share, or RM3,000,000 in cash.

Earlier, investors was puzzled with the Private Placement announcement, as the company was supposed to churn good cash dividend, ends up needed to raise more cash, while the emerges of employee turn major shareholder, MD Chong Ket Pen, seems to have unlimited cash supply to purchase more shares, had authorities and minority shareholders raised eye brows.

With the renewal of 10 years federal road contract, investors hope the company would be managed by more professional management, especially similar governance set under former Tun Daim time as beneficial owner. Perhaps the candidate See Ah Sing would does better job if Tun did not sell the company. Until then, market expect the controversial MD would continue to use Protasco money for personal agenda, at the same time, pulling out more bunnies from his magical hat to cling on his possession of Protasco.

While Chong was believed to be the main sponsor for series of dubious turbulance diverting attention away from his legacies, Bursa and SC seems blind sighted with Chong's explanations and excuses, busy scrapping Chong's flying letters. The wizard of Protasco seems to have magic touch on the authorities besides pulling up bunnies from his magical hat. Perhaps Chong also could cast spells and play voodoo, a professional Oscar actor as well, on top of being the best lier for year 2012-2016 to count a few of his skills. Investors can only watch the magic show while authorities busy playing cheer leaders role, enjoy while still last.

Pandora Report

Bursa Announcement:

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5125689

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Currency: Malaysian Ringgit (MYR)