Kajang, Selangor, Malaysia 26 Feb 2016 : Protasco Bhd announced on 26 Feb 2016 regulator Bursa Malaysia had questioned about the misleading information on The Edge newspaper titled "Protasco gets renewal of road maintenance concession for 10 years", where the company MD Chong Ket Pen told the press the company had secured the contract from government. Subsequently the company via Bursa Malaysia ratify the announcement stated that the company had to date yet to receive any written confirmation on the decision of the Government.
Other sources were told the early news leak already lead to relevant government officers being investigated of possible breach of duty and graft, escalated into the pre judgment news of "insider contract award" which involves public interest government contracts and leaked of material information before official announcement.
A Name Cleansing Public Relation Show in a Rush?
"This is not the first time Protasco manipulate media, especially certain financial daily, and tweak company own announcements on Bursa Malaysia ever since Chong Ket Pen regain power in November 2012, when other executive directors of Protasco were removed in June 2012, and Dato Ibrahim, the proxy of Protasco former beneficial owner had left the company in October 2015 despite rejoined in year 2014. A series of dubious and unfortunate events coincidently happens under Chong stewardship without a leading shareholder as watch dog. Media officers were told to write for perception building articles. It's unethical and it happens", commented a senior journalist.
The premature news article is another evidence of the name seeking MD of the company which cannot waits to associate his name with a supposedly positive news, ended up over done by spreading misleading information. Coincidently, the company share price took a short term run despite over all bearish market. "Why is the MD so eager to polish his name as if he has a lot of negative publicity to wash and cover up", commented the senior journalist.
One and Only Beauty Alive?
Market consensus had raised questions on rumors believe to be originated from Protasco directors which prescribe the current managing director is the "only person" who can run the company business. In other words, market was told "any other businessmen, except Chong, if controls Protasco would dismiss and turn in existing contractors for graft if Chong were removed". This conspiracy is now an open secret and a joke, where many contractors knew that no businessmen would want to uncover anyone else legacy, a common business ethic only businessmen would understand, except Chong. In fact, many public listed company mergers and acquisitions not only creates synergy and growth, new owners would also secure many existing contractors interest. "A company needs a healthy and normal change for better corporate governance, and it't not rocket science." commented a propety developer familiar with the conspiracy.
The faith of Protasco under tyranny leadership, with serious misappropriate of resources and dubious business activities is leading to a bubble building process to "look good", with many precedence how it ends eventually over time. Perhaps the company legacy one day could be destroyed when hell breaks, also by the hand of the one and only hungry ghost trying to stomach the company and consume his own flesh all together at once. The time being, market is expecting a good news despite the prematured public relation shows.
[News GT]
http://www.bursamalaysia.com/market/listed-companies/company-announcements/5011593
OTHERS ARTICLE APPEARING IN THE EDGE DATED 25 FEBRUARY 2016
This article first appeared in The Edge Financial Daily, on February 25, 2016.
KUALA LUMPUR: Protasco Bhd’s Federal Road Maintenance (FRM) concession, which expires this month, has been extended for 10 years, according to sources.
Sources told The Edge Financial Daily that the FRM concession, covering 7,000km of roads in Terengganu, Kelantan, Selangor and Pahang, is expected to contribute a recurring income of up to RM250 million annually for the next 10 years.
“The routine maintenance work will contribute a recurring income of RM130 million a year, while the periodic maintenance and emergency works will bring in additional RM100 million to RM120 million every year, depending on the actual work being carried out,” a source familiar with the concession said.
It is learnt that the concession renewal has been given to Roadcare (M) Sdn Bhd, the maintenance unit of Protasco. The concession is slated to expire in February 2026.
Meanwhile, sources said Protasco is also likely to receive a contract extension to undertake routine and periodic maintenance works for the state roads in Terengganu for the next seven years.
Previously, Permint Granite-HCM Sdn Bhd, another unit of Protasco, had been awarded a seven-year contract worth RM188 million, which will be expiring in July this year.
Yesterday, Protasco announced a net profit of RM20.2 million for the fourth quarter of financial year 2015 (FY15) ended Dec 31, 2015, compared to a net loss of RM4.07 million a year ago, mainly driven by its construction segment.
Quarterly revenue inched up 15.7% to RM455.89 million from RM393.91 million, with improvements marked by contributions from it maintenance, construction and property development segments.
For the full FY15, net profit stood at RM66.24 million, compared to a net loss of RM46.44 million a year before. Revenue, meanwhile, was 21.7% higher at RM1.29 billion from RM1.06 billion in FY14.
Protasco expects to maintain its performance despite signs of economic weakness globally, and the challenges expected for the construction and property development industries.
“We expect to see the construction division continue to contribute positively to the bottom line with the award of Phase 2 of [the] Perumahan Penjawat Awam 1Malaysia project,” executive vice-chairman and group managing director Datuk Seri Chong Ket Pen said in a separate statement.
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crimebuster
chong ket pen the thief who buried protasco.
remind us of few years ago crime that chong ket pen did:
https://protascosue.wordpress.com/
another good analysis busted this devil criminal trail fabricated blame to eat his business partners. Old crook is son of devil.
http://anotherbrickinwall.blogspot.my/2014/11/more-than-meet-eyes-ii.html
Here is a Tun Daim left overs that chong ket pen stolen:
http://www.rockybru.com.my/2014/11/dd-tun-d-due-d-and-double-d-day-at.html
2016-05-22 11:20