How many shares doesn’t really matter , since the stake is huge , only big players are able to take up, maybe international players from Arab etc … judging by they interested to come to sapu oil assets in south east Asia recently ! Once the sale confirmed, share price can only go up !!!
Velesto Energy is poised to stage a bullish breakout while testing the immediate resistance. We observe that the stock has been consolidating sideways beneath the MY0.265 resistance. If it climbs above the immediate resistance, this will confirm that the consolidation phase is over and the resumption of the upside movement. In this case, the stock will climb towards the next resistance pegged at MYR0.29, followed by MYR0.31. Towards the downside, falling below the MYR0.24 support will nullify this expectation and set off a correction phase.
"Should there be any amount recovered will be an income to the Group." In reliance of the preliminary findings of Virdos Lima Consultancy (M) Sdn Bhd, the former board of directors of the Company had on 26 August 2022 caused the Company and Caely-M to commence an action at the Ipoh High Court to recover the sum of RM30,552,000.00 (“Ipoh Suit”).
Meaning if the company can win the case against those former board members / directors, they can declare income of ard RM30 mils plus ??
1. The findings from the investigation report by Virdos Lima Consultancy (M) Sdn Bhd Reply The investigation report by Virdos Lima Consultancy (M) Sdn Bhd reveals that there are irregularities concerning Caely-M’s transactions with certain parties comprising of a series of questionable transactions, potential concealment of financial interests, and conflicting relationships, which undermined the transparency and credibility of the Company’s financial disclosure. As the matter is currently pending litigation before the Court, the Company is unable to disclose the findings in detail. 2. The operational and financial impact arising from the investigation report. Reply There are no operational and financial impacts arising from the investigation report. 3. The impact of the findings from the investigation report on the financial statements. Reply The amount due from relevant parties highlighted in the investigation report has been fully impaired in the financial statements of the Group in prior financial years. Should there be any amount recovered will be an income to the Group. 4. Steps taken or proposed to be taken to address the findings from the investigation report, and timeline for the implementation. Reply In reliance of the preliminary findings of Virdos Lima Consultancy (M) Sdn Bhd, the former board of directors of the Company had on 26 August 2022 caused the Company and Caely-M to commence an action at the Ipoh High Court to recover the sum of RM30,552,000.00 (“Ipoh Suit”). It was the preliminary findings of Virdos Lima Consultancy (M) Sdn Bhd that the said sum was misappropriated from Caely-M. On 29 August 2022, the former board of directors were replaced by the new board of directors. Upon reviewing the matter, it was clear that non-related parties were named in the Ipoh Suit. As such, the new board of directors decided to withdraw the Ipoh Suit and directed a fresh legal action against the proper parties be commenced for the recovery of the misappropriated fund as per the preliminary findings of Virdos Lima Consultancy (M) Sdn Bhd to protect the Company’s interest. On 19 October 2022, the Company and Caely-M had initiated legal action against 12 individuals which include former directors, chief executive officers and/or chief financial officers of the Company and Caely-M. The Company has since then made it a priority for Virdos Lima Consultancy (M) Sdn Bhd to finalise and complete their investigation report as soon as possible due to the reasons above taking into account that the Ipoh Suit was first commenced based on their preliminary findings alone. The suit is currently fixed for case management and hearing of the interlocutory applications on 8 December 2023. Based on the Company’s lawyer’s advice, the investigation report will be submitted to the High Court as evidence to advance the Company’s and Caely-M’s case. This announcement is dated 25 October 2023
According to the latest Q report, Classita is the defendant and sued by some major shareholders regarding the rights issue, the company won the case in high court then the shareholders appealed, yesterday they withdrew the case.... meaning Classita no need to worry about the suit from the major sharehoders d !! Few months ago they also settled another case with those major shareholders ....and won the case ! Looks like court proceedings are mostly in favour of the company !! 👍
CLASSITA HOLDINGS BERHAD ("CLASSITA" OR "THE COMPANY") - KUALA LUMPUR HIGH COURT ORIGINATING SUMMONS NO. WA-24NCC-136-03/2023
Reference is made to the Company’s announcements dated 13 March 2023, 21 March 2023, 22 March 2023, 23 March 2023, 28 March 2023, 8 May 2023, 15 June 2023 and 14 July 2023. Unless otherwise stated, the definitions and terms used herein shall have the same meaning as defined in the said announcements.
The Board of Directors of Classita wishes to announce that the Plaintiffs have withdrawn the appeal lodged to the Court of Appeal on 6 October 2023.
https://www.youtube.com/watch?v=JAb_PI9yjaA at "5:20" technical analysis by a Chinese speaking youtuber ... if you understand chinese then watch it , if not , translation :- basically he thinks "very-slow" has a great chance to PECUT liao !!!!
result sure green .... the fatt-king multi billion question is how huge or how tiny the profit will be ? If one quarter only profit 0.0000001 cent , I bet the price will go limit down starigh away !!!! 😁