actually war is good biz, petrol up and commodities up, export more

if it reach 28, it is comfortable bet...other than that I would wait for stabilization of the price, ie constant for a few days

1700 very strong. When too many people expect it to fall, it won't...

down trend now searching for a bottom...dangerous. KNM specialize in making money disappear.....

shark still around...manipulated the closing price

stonenut really stone..........

those who short will regret...lol

actually looks pretty bad.......falling knife

macro view koyak.....potentially, profits histrorical

then 28

next support 34

kalau nak mati,sell and shift,opportunity now

500 mil usd, whats' to worry?

1 mil contract want to announce, quite pathetic isn't it

yep...28 cents based on the current earnings

can't believe they are selling because of this, has the rail been ever approved and factor into the price?

don't believe BH, a lot of fraud reports

Masteel surprised by news of Iskandar rail plan rejection


masteelMalaysia Steel Works (KL) (Masteel) is apparently caught by surprise by a news report today which quoted unnamed sources saying that its proposed intra-city rail line project in Iskandar Malaysia, worth RM1 billion, is set to be scrapped.

When contacted by KiniBiz, Masteel managing director and chief executive officer Tai Hean Leng said that the company is checking with all relevant government agencies to verify the basis of the article, implying that Masteel has not received any indication on the matter from relevant any government entity.

A local newspaper reported today that Masteel’s proposed intra-city rail line project in Iskandar Malaysia via its 60% owned Metropolitan Commuter Network (MCN) was not approved by the Ministry of Transport and Minister of Finance Inc, quoting unnamed sources.

KUB Malaysia owns the remaining 40% of MCN.

However, Tai had previously told KiniBiz that the Ministry of Transport (MoT) had already approved the project, while green light from the Land Public Transport Commission (SPAD) is pending.


Tai Hean Leng
Tai Hean Leng


“Masteel stands by all its previous announcements on the status of its Iskandar commuter rail project,” Tai told KiniBiz today in response to the unnamed source’s claim that MoT did not approve the project.

The news story reported that the project is being scrapped because it is not part of the government’s railway infrastructure development plan in Malaysia. “It does not make sense to have too many railway lines in Johor. It will be congested.”

“We also have the Gemas-Johor Baru double-tracking project coming up,” the source was quoted as saying.

The unnamed source also added that the government wants to focus on the high-speed rail system linking Kuala Lumpur and Singapore which will likely stop in Iskandar Malaysia as well as on the rapid transit system from Johor Baru to Woodlands, Singapore.

MCN’s proposed intra-city rail line project has attracted controversy as questions arose on why the project was awarded via direct tender in contrast to prime minister Najib Abdul Razak’s previous promise for more transparency in the form of open tenders.

In addition, critics also questioned the need to privatise the project since the government is coughing up 70% of the project cost.

In response, Masteel’s Tai defended the project, saying that other bidders are not prevented from submitting their bids for it and adding that the Iskandar rail project was slated to be a private sector initiative as opposed to a government-driven project.

“As such (Masteel) was not awarded the contract by the government,” Tai told KiniBiz last month.

However, critics have shot back, saying that in view of Masteel’s response, direct negotiations must cease. “Prime Minister, Najib Abdul Razak himself must insist that the project be tendered openly and competitively,” said lawmaker Tony Pua in a statement.

The project would have seen the government providing MCN with RM700 milion in soft loan while MCN will foot the remaining RM300 million in a 37-year concession. According to Masteel’s calculations, it would recoup its initial investment within 12 to 13 years and enjoy a return on investment (ROI) rate of 10% per annum for the remainer of the concession period.

First mooted in 2009, the rail plan would have seen 30km of double-track railway stretching from Johor Baru city centre to Kulai as well as a 50km link between Pasir Gudang and Port of Tanjung Pelepas using the existing alignment, and would have been developed in a way similar to Syarikat Prasarana Negara’s light rail transit concept in the Klang Valley.

Masteel ended the morning session at 95.5 sen after tumbling 2.5 sen from its opening price.

dangerous...could be an indication that they did not get Time Eng

it was never a reality anyway.........

comatose

if the MRT happens...thats' RM3, but alas........lol

on the bright side, someone is supporting the warrants even though it is really out of the money.

13 cents? 46 cents conversion? that's 59 cents...lol

does not justify the price, over value

annualized eps of 1.5 cents........quite pathetic, even PE 20, that's 30 cents

40-41 strong support, if fail...35

eps 8-12 cents,should be 1-1.2,don't worry...buy on selldown

If not approved, how to cancel? Goest to show how poor PB analyst are? wrong call,censof then this..........lol

still, I suspect it is the PDTs' work. No official news

It was never approved anyway

no difference, it was not up because of this, anyway

buy now and support at 95, closing would be higher

PDTs

nope,boss still selling...what gives?

retrace to 80?

game over

is that a double top forming I see?

breaking trend.......?

technical rebound....oversold

no difference made in the DJ index, its the foreigners that is running away from the Asian Markets. In fact DJ should be up

Think twice. PE is 30 x. Bear market could adjust back to 10-15x

averaging down is not a good technique unless you have unlimited bullets....try sell and buy

but the warrants are amazing...someone willing to pay 15 when it is not in the money anymore

break 44 will be 42

not much could save them now

not much confidence.....when the directors are doing it. PB report could be paid one...so illogical

LOL...the directors are selling it down now

again...they should sell borsig if they can't get it listed

45 next

what is interesting is the warrants....astoundingly someone is buying at 16....the premium is fantastic