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Bursa was shocked again by the latest drama involving Cypark with the arrival of an article that revived the mystery letter containing information about the company's abandoned projects and several suspicious issues. (Old story recycled to create panic among investors)

​Cypark Resources Berhad (KLSE: 5184): The Second Serba Dinamik?​

But Cypark immediately released a media statement to deny the speculation on 29th June 2022.

​Cypark denies viral article’s allegations of concealing information pertinent to investors

Cypark Resources Bhd has denied allegations made in a viral report that the company is hiding information from public investors. In a statement, the company said the anonymous article, titled "The Mystery of Cypark Resources Berhad", contains false information and was written with malicious intent to mislead investors. The article raised concerns about Cypark's ongoing project delays, financial performance, and contractual agreements. Cypark's CEO, Datuk Daud Ahmad, said in an interview that the company's financial position had been misunderstood and that project delays were due to the movement control order.

This is a story about the attack and response between both sides:

"The Failed Project: A 5-Year Delay and 3-Fold Budget Increase Result in an Effectively Worthless Asset"

Answer:

"Progress Update on the Waste-to-Energy Project: Warm Testing and Commissioning of Recycling Facilities"

​Video Link 

"CRB's History of Nominal Shareholders and Misleading Accounting Practices"

Answer:

"Contract Assets and Financing for the LSS2 Projects through Sukuk Murabahah"

Site Visits for Investors and Analysts in June 2022

The company has organized two site visits in June 2022 for the purpose of increasing understanding and appreciation of our projects.

After the site visit, Maybank Investment Bank released a report on Cypark on July 1, 2022.

MOST IMPORTANT PART

The downside risks and evaluation were taken into account before the decision to invest was made and were communicated to the Jakel investment team beforehand.

CONCLUSION

In summary, the issue of the mysterious letter circulated in June 2022 and then revived in January 6, 2023 was intended to create panic so that interested parties could take the opportunity to buy Cypark shares at a low price. All the rumors circulated in the letter have been answered by Cypark and institutional investors themselves have released an official report on the company's performance.

Therefore, do not easily accept negative sentiment created by irresponsible parties because every issue played is for their own benefit.

​​Please do more in-depth research before taking any investment action.

Reference

Message from GCEO Dato’ Daud Ahmad 29 June 2022

​Message from GCEO Dato’ Daud Ahmad 9 June 2022

​Maybank IB Report Cypark 2QFY22: Higher operating expenses​

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