4 April 2019, Kajang, Selangor. Road maintenance company Protasco Bhd was reported by The Edge being suspended pending termination like other PPA1M dubious projects. Which means what Protasco has is only the suspicious RM4.2 billion JKR concession awarded in April 2018, a month before general election, which is under graft and CBT investigation.

 

The Edge has been systematically reported one sided information on Protasco Bhd matters, quoting Protasco chairman Tan Sri Hadenan Abdul Jalil and retired polis officer Dato Sri Salleh mat Rashid being the mouth and eyes for Group Managing Director Dato Sri Chong Ket Pen. Started since the year 2014 every year quoting Chong Ket Pen hard selling Protasco prospects being "better profit next year", yet the result is worst than anticipated. 

 

A typical -RM44 million quarterly loss on Dec 2018 was not reported, while the RM48.6 million CBT camouflage under "Related Party Transaction" was cover up by The Edge as if it's another genuine transaction. Chong Ket Pen through Protasco announced Protasco purchase of a piece of land in Tampin for RM48.6 million cash plus benefits from "Chong Ket Pen" himself, while Protasco is currently carrying RM622 million debt on RM353 million equity, a serious up coming PN17 company in making. 

 

Since Chong Ket Pen's Protasco shares held under his name cannot vote, his nominees and cronies which use Protasco's money to buy Protasco shares would self-vote the dubious transaction in Chong Ket Pen's favour.

 

RM48.6 million cash paying to Chong is a CBT not RPT.

 

Illegal Money acquired Illegal Protasco Shares & illegal Gotten Control. Any votes directly by Chong Ket Pen or indirect by his nominees are all illegal.Bursa Malaysia & Securities Commission if not bridged, then they must be still sleeping despite having a new government and a new chief.

 

Remember that Chong Ket Pen's Protasco shares are gotten from illegal cash launder through Protasco own money, and Chong Ket Pen's power and control of Protasco is obtained through these ill-gotten Protasco shareholding, hence the money laundering continues to fund his nominees to grant himself the votes to strip another RM48.6 million cash from Protasco is a grand money stripping scam.

 

The Edge is along side Chong Ket Pen covering up these devastating crime from the year 2014 until today.

 

What's in for The Edge? 

 

 

 

[ Exposed Crime Report ]

 

 

https://www.theedgemarkets.com/article/protasco-jointly-undertakes-rm3715m-mixed-development-project-tampin-sister-company

 

Protasco jointly undertakes RM371.5m mixed development in Tampin with sister company | The Edge Markets

KUALA LUMPUR (March 1): Protasco Bhd announced today it is undertaking a joint mixed residential development project in Tampin, Negeri Sembilan, which has an estimated gross development value of RM371.59 million, with Penmaland Sdn Bhd.

The collaboration is considered a related party transaction as Penmaland’s major shareholder is Datuk Seri Chong Ket Pen, the single largest shareholder in Protasco, with control of a 29.53% stake. Chong is the executive vice chairman-cum-managing director of Protasco.

In an exchange filing today, Protasco said the conditional joint development agreement was signed between its wholly-owned unit De Centrum Retail Sdn Bhd and Penmaland, which is the registered owner of the land measuring some 55.48 ha.

Penmaland had in August 2018, procured the existing planning approval from Majlis Daerah Tampin.

The land is approved to be developed as a mixed residential development known as “Denai Hills”, comprising 703 units of terraced houses, 32 units of semi-detached houses, 71 units of bungalows, three homestay units and a commercial lot.

“Subject to property market conditions, the development period is expected to be approximately seven years.

“As at the latest practicable date, the development has yet to commence and the construction works for the development is expected to commence in the third quarter of 2019 provided that the agreement has become unconditional,” read the filing.

Pursuant to the agreement, Penmaland will grant De Centrum full and unfettered rights to carry out the development on the land, in exchange for a cash consideration of RM48.6 million.

The group intends to fund the development through a combination of internal funds (including cash flows generated from the project) and bank borrowings, the quantum of which cannot be determined at this juncture.

Under the agreement, De Centrum is entitled to receive approximately 87% of the estimated aggregate GDV of the project, or some RM323.28 million based on its current estimation.

Shares in Protasco closed two sen or 6.52% higher today at 25 sen, for a market capitalisation of RM120.35 million. The stock has lost about 69% of its value over the past year.