Transmile Group Berhad is one particular stock where almost every investors be it retail or local and foreign instituitional fund companies  got cheated by the company's manipulation of accounting to deceive investors.

Not only investors like sugar king  tycoon Robert Kuok got furious about the whole episode,even my flight schedule to Chiangmai in northern Thailand  via TH165 departure at 18:00hrs was rescheduled to 24:00hrs past midnight only to be given an apple and a piece of cake to bite our frustrations during the flight.

The worst part is fight ticket was booked through a reliable tour company,Reliance Travel now still listed under Reliance Pacific Berhad (RPB:stock code 8885).A reputable travel agency should give passengers reputable airline and not a cargo plane.

Before the transfer of listing to main board,the lowest price was RM1.90 while the high was RM3.78 in year 2001/2002.

26 March 2004:-TYCOON Robert Kuok  bought a controlling interest in Transmile Group Bhd via an off-market deal --45.2 million shares or 45,875400 shares(28.5%) @ RM6.25 per share(RM283million).( stock trading about RM7.05).Held through its stable companies Kerry Holdings Limited (HK) and Trinity Coral Sdn Bhd.

Strangely,Robert Kuok's son Kuok Khoon Ho,aged 62 current(Chairman of Kuok Brothers Malaysia) only represented as a non-independent,non executive director and has no say in Transmile Group BHD.

Transmile's major owner at that time were its pioneer chief executive officer Gan Boon Aun(21.67%) and director Khiudin Mohd@ Kiudin(13.93%) are the largest shareholders in the company.Both responsible for the financial management of the company.

In FY03, Transmile made RM38 million profits on the back of RM289 million sales, improving by some 74 per cent and 32 per cent respectively from the previous year. 

Transmile Group Bhd’s pre-tax profit surged 102% to RM62.4mil in the first six months ended June 30,2006 from previous year’s corresponding period of RM30.9mil.

28 April 2004:--Former Minister of Transport  Ling Liong Sik,age 70 (January 1986 to June 2003) was appointed Chairman of Transmile. 
He boasted  in securing businesses for the nation’s numerous ports and brought about the development and success of the nation’s airports, especially the Kuala Lumpur International Airport.
So he should also boast to have hookwinked Robert Kuok into buying a stake in Transmile.

 Major shareholders as at  28 April 2006:
 
1. TRINITY CORAL SDN BHD 45,557,400 (19.46%)
2. POS MALAYSIA BERHAD 24,800,000 (10.59%)
3. POS MALAYSIA & SERVICES HOLDINGS BERHAD 15,680,000 (6.70%)

Directors shareholding

 Ling Liong Sik 100,000 (0.04%)--resigned as Chairman on 03 September 2007
Gan Boon Aun 7,710,000 (3.29%)
Khiudin Bin Mohd @ Bidin 20,000 (0.01%)
Lee Chin Guan 530,000 (0.23 %)
Kuok Khoon Ho 50,000 (0.02%)--(resigned 06 October 2009)

On 1 April 2009. the Board of Directors of Transmile (“Board”) is of the opinion that the Company  insolvent

 
During the financial year 2008, the Group recorded a loss before tax of RM 270.6 million compared to RM121.2 million for the year 2008. The significant increase in the loss before tax was mainly attributed to the impairment loss on its aircraft and related parts and equipment.
Accordingly, the loss per share has increased from 44.8

On 23 February 2010, the Board announced that Transmile had been classified
as a company under Practice Note 17 of the Main Market Listing Requirements
(“PN17”) of Bursa Malaysia Securities Berhad. The PN17 criteria was triggered
as the shareholders’ equity of the Company on a consolidated basis as at 31
December 2009 is less than 25% of the Company’s issued and paid-up capital
(excluding treasury shares) and such shareholders’ equity is less than RM40
million.

Tan Sri A. Razak bin Ramli new Chairman took over on 24 March 2010 who holds various positions in other public
listed companies namely, Chairman of Shangri-La Hotels(Malaysia) Berhad and Director of Ann Joo Resources Berhad, Favelle Favco Berhad and Lafarge Malayan Cement Berhad. He also sits on the boards of Hong Leong Islamic Bank Berhad, Hong Leong Investment Bank Berhad, Hong Leong Tokio Marine Takaful Berhad,Ophir Holdings Berhad and several private limited
companies.

 The Company’s securities were suspended and delisted from trading on 3 March 2011 and Bursa Securities for failure to submit a regularisation plan by the deadline 22 February 2011
 

As at 8 April 2011, the Authorised Share Capital : RM500,000,000
Issued and Fully Paid Capital : RM270,118,495 per RM1.00 per ordinary shares.
 Major shareholders:

1) TRINITY CORAL SDN. BHD. 46,357,400 (17.16%)
2) POS MALAYSIA BERHAD 24,800,000( 9.18%)
3) CIMSEC NOMINEES (TEMPATAN) SDN. BHD.
POS MALAYSIA BERHAD 15,680,000 (5.80%)
4) CARTABAN NOMINEES (ASING) SDN. BHD.
DBS VICKERS (HONG KONG) LIMITED FOR GAP LIMITED 5,864,600 (2.17%)
5) KUOK BROTHERS SDN. BERHAD 2,039,900 (0.76%)
 

  Transmile’s  accounting is the biggest corporate scandal in mid-2007 :Former directors were each fine RM300,000 and  jailed a year.Better incentives than roadside robbers their court sentence.Money stashing somewhere from their inflated stock price gains.

This was a very well organized and orchestrated stock market mafias to mislead investors.
 One of the scumbag who took the helm of chairmanship in year 2004  is part of the syndicate of the Port Klang Free Trade Zone.(PKFZ ) fiasco.No wonder the children are billionaires at such a tender age.

To investors who are still holding the shares in CDS account you can convert them into physical scripts certiificates and wait until one day they use another tactic of back door listing via asset injection and then the current generation of investors will chase again.

That's the musical chair of the stock market.