Hohup has the experiences in the construction sector and recovery is coming.

The construction industry in Malaysia is expected to experience growth from 2024 onwards due to several key factors:

Economic Recovery: Post-COVID-19, the industry is recovering from the disruptions caused by the pandemic, with an anticipated increase in construction activities1.
Government Initiatives: The Malaysian government has announced plans like the Public Private Partnership (PPP) 3.0 model to fund infrastructure projects, which is expected to drive growth in the sector1.
Infrastructure Development: There is a focus on large-scale transport and energy projects, which will likely lead to increased demand for construction services1.
Investment: The industry is expected to benefit from both foreign and domestic investment, which will support various construction and energy projects2.
Growth Projections: The market size is estimated to grow significantly, with forecasts predicting a compound annual growth rate (CAGR) of 4.4% to 8.55% between 2024 and 2029132.
Sector Expansion: All subsectors of construction, including commercial, residential, and infrastructure, are expected to perform better, contributing to the overall growth4.
These factors combined suggest a positive outlook for the construction industry in Malaysia, making it a potentially lucrative sector for investment and development in the coming years.

potensi sentiasa wujud :)

Ho Hup Construction Company Berhad, commonly known as Ho Hup Group, has a rich history of involvement in numerous significant construction projects. Here are some of the key projects they have handled to date:

Infrastructure Projects: They have been involved in the construction of infrastructure such as highways, roads, dams, and bridges1.
Building Construction: Their portfolio includes building construction, which encompasses various types of structures1.
Engineering Works: They have expertise in engineering works, including earthworks and steel pipeline construction1.
Railway Projects: Ho Hup Group has worked on railway projects, including securing two East Coast Rail Link (ECRL) railway projects for Section 6, totaling RM102 million in June 20201.
National Projects: They have been part of national projects like the Petronas Twin Towers, National Sports Complex, Kuala Lumpur International Airport (KLIA), Light Rail Transit System (LRT), and the Malaysia–Singapore second crossing23.
Ho Hup Group’s approach to construction is characterized by a focus on project management and the provision of technical expertise, with a commitment to quality and risk management1. Their extensive experience places them as a notable entity in the construction sector in Malaysia.

buy on weakness, it would rebound as usual hehe

30-days Price
Date Price Open High Low Volume
2024-04-12 0.165 0.165 0.165 0.160 341,000
2024-04-09 0.170 0.165 0.170 0.165 380,200
2024-04-08 0.170 0.170 0.170 0.170 110,000
2024-04-05 0.170 0.170 0.175 0.170 560,500
2024-04-04 0.170 0.170 0.175 0.170 311,900
2024-04-03 0.175 0.180 0.180 0.170 825,200
2024-04-02 0.180 0.180 0.180 0.175 417,500
2024-04-01 0.180 0.185 0.185 0.180 431,900
2024-03-29 0.185 0.195 0.195 0.180 584,500
2024-03-27 0.195 0.175 0.195 0.170 1,051,300
2024-03-26 0.175 0.190 0.190 0.175 583,800
2024-03-25 0.190 0.205 0.220 0.190 3,014,100
2024-03-22 0.190 0.180 0.190 0.170 2,744,000
2024-03-21 0.175 0.175 0.185 0.165 3,187,000
2024-03-20 0.175 0.155 0.180 0.155 8,634,900
2024-03-19 0.150 0.140 0.150 0.130 9,045,900
2024-03-18 0.135 0.125 0.135 0.120 6,905,900
2024-03-15 0.125 0.155 0.155 0.125 6,236,600
2024-03-14 0.155 0.155 0.160 0.155 511,700
2024-03-13 0.155 0.155 0.160 0.150 476,300
2024-03-12 0.155 0.155 0.155 0.150 905,900
2024-03-11 0.155 0.165 0.165 0.155 768,100
2024-03-08 0.165 0.175 0.175 0.165 239,800
2024-03-07 0.175 0.165 0.175 0.165 62,800
2024-03-06 0.165 0.170 0.175 0.165 561,600
2024-03-05 0.180 0.175 0.180 0.170 90,700
2024-03-04 0.180 0.180 0.180 0.170 92,800
2024-03-01 0.175 0.190 0.190 0.165 1,496,600
2024-02-29 0.195 0.195 0.195 0.195 0
2024-02-28 0.195 0.195 0.200 0.195 160,000
2024-02-27 0.190 0.195 0.195 0.190 150,000
2024-02-26 0.195 0.195 0.200 0.195 126,700
2024-02-23 0.200 0.205 0.205 0.195 277,500
2024-02-22 0.200 0.210 0.210 0.190 1,796,600
2024-02-21 0.215 0.215 0.215 0.210 290,600
2024-02-20 0.220 0.220 0.220 0.220 5,000
2024-02-19 0.210 0.210 0.215 0.210 64,500
2024-02-16 0.215 0.215 0.215 0.215 68,500
2024-02-15 0.210 0.215 0.215 0.210 37,000
2024-02-14 0.215 0.220 0.220 0.215 32,000
2024-02-13 0.210 0.210 0.210 0.205 87,200
2024-02-09 0.210 0.210 0.210 0.210 30,000
2024-02-08 0.210 0.210 0.210 0.210 25,000
2024-02-07 0.210 0.205 0.210 0.205 46,200
2024-02-06 0.210 0.210 0.210 0.210 0
2024-02-05 0.210 0.210 0.210 0.210 128,500
2024-02-02 0.210 0.220 0.220 0.210 542,700
2024-01-31 0.225 0.220 0.225 0.220 20,000
2024-01-30 0.220 0.225 0.225 0.220 74,000
2024-01-29 0.225 0.230 0.230 0.225 154,900
2024-01-26 0.225 0.225 0.225 0.220 70,000
2024-01-24 0.225 0.225 0.230 0.225 166,300
2024-01-23 0.225 0.215 0.225 0.215 393,400
2024-01-22 0.215 0.215 0.215 0.210 209,100
2024-01-19 0.220 0.225 0.225 0.210 305,600
2024-01-18 0.220 0.225 0.225 0.215 899,200
2024-01-17 0.230 0.230 0.230 0.225 779,500
2024-01-16 0.230 0.250 0.250 0.230 1,009,000

NTA 0.6600
P/B 0.22
RPS 36.15
PSR 0.40
Market Cap 75.1M
Shares (mil) 518.26

oversold$$$$$$$$$$$$$$$$$

RSI(14) Neutral 34.8
Stochastic(14) Oversold 6.3
Average Volume (3M) 1,009,000
Relative Volume 2.4

be greedy when others are fearful... do your own study yah!!!

LIST OF THIRTY LARGEST ORDINARY SHAREHOLDERS
according to the Record of Depositors as at 31 March 2023
No. of
Name Shares Held %
1. AmSec Nominees (Tempatan) Sdn Bhd 56,576,900 11.43
Pledged Securities Account for Ambank (M) Berhad for
Omesti Holdings Berhad (SMART)
2. RHB Nominees (Tempatan) Sdn Bhd 54,079,258 10.93
Pledged Securities Account for Low Chee Group Sdn Bhd
3. Gryphon Asset Management Sdn Bhd 52,645,250 10.64
4. Lee Fook Yuen 21,020,900 4.25
5. Affin Hwang Nominees (Asing) Sdn Bhd 18,744,800 3.79
Pledged Securities Account for Mettiz Capital Limited
6. Cartaban Nominees (Tempatan) Sdn Bhd 17,000,000 3.44
Pledged Securities Account for Kenanga Islamic Absolute Return Fund
7. M&A Nominee (Asing) Sdn Bhd 15,060,000 3.04
Montego Assets Limited
8. Low Chee Group Sdn Bhd 11,033,774 2.23
9. Kenanga Nominees (Tempatan) Sdn Bhd 9,000,000 1.82
Pledged Securities Account for Mary Anne Woon Lai Kheng
10. M&A Nominee (Tempatan) Sdn Bhd 8,850,000 1.79
Pledged Securities Account for Chan Chee Hong (M&A)
11. Low Tuck Choy 6,817,500 1.38
12. RHB Nominees (Tempatan) Sdn Bhd 5,679,000 1.15
Pledged Securities Account for Low Tuck Choy
13. Chan Kong Yew 5,527,000 1.12
14. M & A Nominee (Asing) Sdn Bhd 5,000,000 1.01
For Winfields Development Pte. Ltd.
15. Kwan Siew Deeg 4,642,600 0.94
16. Toh Chai Hoon 4,642,000 0.94
17. Phillip Nominees (Tempatan) Sdn Bhd 4,271,900 0.86
Pledged Securities Account For Tan Siew Booy
18. Hooi Yoke Lin 4,000,000 0.81
19. Inter-Pacific Equity Nominees (Tempatan) Sdn Bhd 3,989,300 0.81
Pledged Securities Account for Kok Tiu Wan
20. Yap Siew Bee 3,800,000 0.77
21. Maybank Nominees (Tempatan) Sdn Bhd 3,525,554 0.71
Maybank Private Wealth Management
for Mohamed Nizam Bin Abdul Razak
22. Maybank Nominees (Tempatan) Sdn Bhd 2,831,500 0.57
Pledged Securities Account for Monteiro Gerard Clair
23. Lim Chau Liang 2,451,700 0.50
ANNUAL REPORT 2022 • 247
LIST OF THIRTY LARGEST ORDINARY SHAREHOLDERS (CONT’D)
according to the Record of Depositors as at 31 March 2023
No. of
Name Shares Held %
24. RHB Capital Nominees (Tempatan) Sdn Bhd 2,411,300 0.49
Pledged Securities Account for Low Choon Chong
25. Young Lee Lee 2,260,000 0.46
26. AmSec Nominees (Tempatan) Sdn Bhd 2,203,000 0.45
Pledged Securities for Yap Siew Bee (MX3809)
27. AmSec Nominees (Tempatan) Sdn Bhd 2,053,000 0.41
Pledged Securities Account for Ahamad Aminnurdin Bin Dinyati
28. Tiong Nam Logistics Holdings Berhad 2,000,000 0.40
29. AmSec Nominees (Tempatan) Sdn Bhd 1,854,600 0.37
Pledged Securities for Mok E. King
30. Lim Lai An 1,650,000 0.33
Total 335,620,836 67.82

stay calm, any selldown is an opportunity even to traders hehe

many properties as assets also hehe

LIST OF
MATERIAL PROPERTIES
As at 31 December 2022
No. Location/Land details
Age of
Building
Date of
Acquisition Tenure Size Existing Use Description
Net Book
Value
RM’000
1. Geran 79551, Lot 101901
(previously known as
HSD 119868, PT 15291),
Mukim Petaling, Daerah
Kuala Lumpur, Negeri
Wilayah Persekutuan
Kuala Lumpur
(Bandar Bukit Jalil)
– 12/09/1995 Freehold 512,591
square
feet
Property
development
Development
Land
1,229
2. Geran 79552, Lot 101901
(previously known as
H.S.(D) 119869, PT 15292),
Mukim Petaling, Daerah
Kuala Lumpur, Negeri
Wilayah Persekutuan Kuala
Lumpur
(Bandar Bukit Jalil)
– 12/09/1995 Freehold 104,335
square
feet
Property
development
Development
Land
98,542
3. Geran 79553, Lot 101901
(previously known as
HSD 119870, PT 15293),
Mukim Petaling, Daerah
Kuala Lumpur, Negeri
Wilayah Persekutuan
Kuala Lumpur
(Bandar Bukit Jalil)
– 12/09/1995 Freehold 320,621
square
feet
Property
development
Development
Land
769
4. Geran 79554, Lot 101901
(previously known as
HSD 119871, PT 15294
Mukim Petaling, Daerah
Kuala Lumpur, Negeri
Wilayah Persekutuan Kuala
Lumpur
(Bandar Bukit Jalil)
– 12/09/1995 Freehold 109,849
square
feet
Property
development
Development
Land
263
5. Ho Hup Tower
Geran 78076, Lot
no.101462, Mukim Petaling,
Daerah Kuala Lumpur,
Negeri Wilayah Persekutuan
Kuala Lumpur
(Bandar Bukit Jalil)
6.5
years
21/9/2016 Freehold 146,812
square
feet
Office Tower Office Tower 97,962
244 HO HUP CONSTRUCTION COMPANY BERHAD • 197301000497 (14034-W)
List of Material Properties
As at 31 December 2022
(Cont’d)
No. Location/Land details
Age of
Building
Date of
Acquisition Tenure Size Existing Use Description
Net Book
Value
RM’000
6. Lot No. B-13-1, B-13-2,
B-13-3, B-13-3A & B-13-5
Pusat Perdagangan Bandar
Bukit Jalil
Persiaran Jalil 1
57000 Kuala Lumpur
4
years
31/12/2017 Freehold 11,246
square
feet
For rental Shop Offce 12,105
7. Laman Iskandaria
Geran 43607 - 43611, Lot
No. PTD 14189 - 14193
Mukim Ulu Sungai Johor,
District Kota Tinggi, Johor
Darul Ta’zim
4
years
02/11/2017 Leasehold 4,303,734
square
feet
Property
development
Development
Land
215,132
9. Carpark B1, B2, B3, LG
and LG1 at Aurora Place,
Persiaran Jalil 1, Bukit Jalil,
Kuala Lumpur
– 31/12/2019 Freehold 2027
bays
Carpark Building 65,800
10. 32 Units of Retail Lots
located at Lower Ground
floor at Aurora Place,
Persiaran Jalil 1,
Kuala Lumpur
– 31/12/2019 Freehold 51,757
square
feet
Retail Lots Building 49,348
11. Exhibition Floor located at
Level 4 at Aurora Place,
Persiaran Jalil 1,
Kuala Lumpur
– 31/12/2019 Freehold 16,685
square
feet
Exhibition
Floor
Building 15,040

need patience for recovery as construction activities should improve from this year onwards.

On 15 August 2023, the Company announced to undertake a Private Placement (“PP”) of up to
49,486,000 new ordinary shares in HO HUP (“HO HUP Shares”). As such, the PP will entail
the issuance of up to 49,486,000 new Shares (“Placement Shares”), representing up to 10.0%
of the total number of issued Shares to independent third-party investors. Bursa Malaysia
Securities Berhad had approved the listing of and quotation for the new ordinary shares in Ho
Hup (“Placement Shares”) on 27 October 2023.
The Proposed Private Placement will be implemented in multiple tranches, if required, within
6 months from the date of approval of Bursa Malaysia Securities Berhad (“Bursa Securities”).
Subsequently, any extension of time for the implementation of the Proposed Private Placement
will be subject to Bursa Securities’ approval. As such, there could potentially be several price
fixing dates depending on the number of tranches and timing of implementation.
On 14 November 2023, the Company had fixed the issue price of the first tranche of the
Placement Shares at RM0.235 per Placement Share to be issued pursuant to the Private
Placement, representing a discount of approximately RM0.0243 or approximately 9.37% to the
5-day volume weighted average market price of Ho Hup Shares from 6 November 2023 to 10
November 2023 of RM0.2593.
On 28 November 2023, the 23,400,000 new Shares @ RM0.2350 has been listed.

retained earnings~RM160mil... keep till 2025-2026...

NTA 66sen @31/12/23, Balance sheet seems ok...

HO HUP CONSTRUCTION COMPANY BERHAD 197301000497 (14034-W)
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
For the financial year ended 31 December 2023
(The figures have not been audited)
3
31 Dec 2023 31 Dec 2022
RM'000 RM'000
(Unaudited) (Audited)
ASSETS
Non-Current Assets
Property, plant and equipment 18,061 203,647
Right-of-use assets 20,243 25,842
Investment properties 135,713 138,837
Intangible assets 39 39
Goodwill 898 11,378
Quarrying rights 502 616
Inventories and other contract costs 83,260 83,260
Investment in joint ventures 567 367
Quarry development costs 3,303 4,346
Other Investment - 2,063
Deferred tax assets 542 684
263,128 471,079
Current Assets
Inventories and other contract costs 510,423 538,757
Contract assets 94,914 141,607
Trade receivables 181,699 202,419
Other receivables 141,809 138,786
Amount due from a joint venture 99 99
Tax recoverable 49 162
Fixed deposits with licensed banks 7,510 11,602
Cash and bank balances 13,238 19,131
949,741 1,052,563
TOTAL ASSETS 1,212,869 1,523,642
EQUITY AND LIABILITIES
Equity attributable to owners of the parent
Ordinary share capital 263,169 256,870
Other reserves (77,104) (77,104)
Foreign currency translation reserve (2,145) (2,091)
Retained Earnings 159,401 234,443
343,321 412,118
Non-Controling Interest 3,555 7,584
Total Equity 346,876 419,702
Non-Current Liabilities
Lease Liabilities 4,543 5,389
Borrowings 316,226 388,805
Deferred tax liabilities 13,347 19,166
334,116 413,360
Current Liabilities
Contract liabilities - 20,457
Borrowings 191,890 261,896
Trade payables 111,572 139,385
Other payables 162,466 192,565
Lease liabilities 4,970 9,945
Provision for taxation 60,979 66,332
531,877 690,580
TOTAL LIABILITIES 1,103,940 865,993 TOTAL EQUITY AND LIABILITIES 1,523,6

After 2.30pm today

Time Price Chg Vol
16:11:44 0.200 10,000
15:53:25 0.200 20,000
15:12:18 0.200 30,000
14:39:48 0.200 +0.005 1,600
14:39:04 0.195 19,100

Live now:
63% BUY
37%SELL
2 70,900 0.195 0.200 194,400 6
11 635,500 0.190 0.205 312,500 13
9 602,900 0.185 0.210 200,000 9
6 569,700 0.180 0.215 300,000 8
1 200,000 0.175 0.220 200,000 2

after share consol, not much shares now. Market Cap RM14.5M based on 20sen now
Shares (mil) 72.47

RSI(14) Neutral 48.2
Stochastic(14) Oversold 16.7
Average Volume (3M) 2,304,800
Relative Volume 0.3

NTA RM1.66 per share now, jika directors curi pun masih sky high, with stronger surveillance by the authorities, which directors dare to steal, etc now? Directors committing fraud should be sentenced to death like Vietnam hopefully hehe

NTA RM1.66 but current price is 20sen... MWDG must urge the directors on how to monetise to reward shareholders

MQ Trading Signals
Time

Signal

Duration

Type

2024-04-12 11:00:00

EMA 5

Hourly

BUY

2024-04-12 09:30:00

EMA 5

30 Mins

BUY

rising in stages supported by better econ data, share buybacks, etc etc

All the directors should be hanged till death due to fraud like in Vietnam if found guilty hehe

Mlabs: a growth stock .. quarterly sales UP, now with the islamic factoring even more convincing

a value stock NTA Rm1.66 (post share consol now), current price ~20sen. P/B value~0,12 dirt cheap

the caveat : the directors

Hopefully, the gang sells their stakes to a reputable party, its share price could rebound limitless, etc. :)

Nta 8.3sen per share. Post share consol, nta rm1.66. Now ~20sen market price. Work with minority interest watchdog group to prevent directors stealing minority shareholders' money etc

Hehe https://www.mondaq.com/shareholders/1154808/oppression-of-minority-shareholders-in-malaysia-am-i-being-oppressed

https://www.mondaq.com/shareholders/1154808/oppression-of-minority-shareholders-in-malaysia-am-i-being-oppressed

Up trend, add some hehe

https://www.thestar.com.my/business/business-news/2024/04/10/tough-competition-for-ipos-as-markets-recover

Too powerful for any enemies in the Middle East. https://www.jpost.com/israel-news/defense-news/article-795752

Israel continued to bombard the hamas terrorists till they surrender, etc... too powerful indeed

4 hr 47 min ago
IDF rains down on multiple Hamas targets in central Gaza Strip
The operation was a combination of ground troops, support from aircraft, and heavy fire from naval units.
By JERUSALEM POST STAFF

israel is winning the wars against hamas... ending soon

IDF conducts joint op in central Gaza, terror suspects arrested in West Bank
Israeli Air Force struck various targets across Rafah

Israel continued striking terrorist orgs, very determined, etc.

IDF strike military building where Hezbollah terrorist was located
By JERUSALEM POST STAFF
APRIL 11, 2024 15:39
Updated: APRIL 11, 2024 15:47
Email Twitter Facebook fb-messenger

Israel Air Force jets attacked a Hezbollah military building in Southern Lebanon Thursday afternoon, the IDF reported.

According to the report, a terrorist from the Hezbollah terrorist organization was located inside the building.

hamas bukan lawan israel... hebat :)
Hamas leader Ismail Haniyeh says 3 of his sons were killed in an ...
Web22 hours ago · Ismail Haniyeh lives in exile in Qatar. Vahid Salemi / AP file. Three sons of Hamas ’ top political leader were killed Wednesday by an Israeli airstrike in the Gaza Strip, and the leader accused ...

Buatlah yg sama di Malaysia

https://www.nst.com.my/world/region/2024/04/1036896/vietnam-tycoon-sentenced-death-12-billion-fraud-case-state-media

Do the same in Malaysia.
https://www.nst.com.my/world/region/2024/04/1036896/vietnam-tycoon-sentenced-death-12-billion-fraud-case-state-media

VT would fight back... hehe/// he wins the wars

Joe holds or a major shareholder of pasukhas would dive on friday... wait n see yah

really silap labur duit lebur hehe top 5 largest shareholders of Meridian facing fraud hehe

THIRTY (30) LARGEST SHAREHOLDERS AS AT 7 OCTOBER 2022
(BASED ON RECORD OF DEPOSITORS)
No. Name of Shareholders No. of Shares Percentage (%)
1. AFFIN HWANG NOMINEES (TEMPATAN) SDN. BHD. 190,000,000 21.01
EXEMPT AN FOR LAZARUS SECURITIES PTY LTD
2. LIM KON LIAN 150,695,909 16.67
3. UOBM NOMINEES (TEMPATAN) SDN BHD 32,500,000 3.59
EXEMPT AN FOR SANSTON FINANCIAL GROUP LIMITED
4. LEE KOON WENG 31,130,000 3.44
5. PASUKHAS PROPERTIES SDN BHD 29,941,600 3.31

would pasukhas declare a huge loss due to such fraud as a major shareholder of meridian?

Meridian's auditor raises doubts over company's ability to go on as a business entity
NST Wed, Apr 10, 2024 12:32pm - 1 hour


KUALA LUMPUR: Meridian Bhd's auditor have raised concerns regarding the continued viability of Meridian Bhd as a business entity.

In its recent filing with Bursa Malaysia, the property developer's external auditor, Messrs Jamal, Amin & Partners, issued a disclaimer of opinion on the group's annual audited financial statements for the period spanning from July 1, 2022, to Nov 30, 2023.

The auditors pointed out a lack of compelling evidence to support the directors' claim that it can sustain its operations.

Despite Meridian's financial statements assuming ongoing operations, a range of significant uncertainties, such as recurring losses, inadequate cash reserves, legal proceedings, and regulatory hurdles, cast doubt on the validity of this assumption.

The auditors highlighted that over the past three financial years, both the group and the company have incurred substantial net losses. Meridian reported a net loss of RM17.27 million, while the company's net loss reached RM90.98 million, raising concerns about the company's financial health and sustainability.

Negative indicators such as current liabilities exceeding current assets by RM4.935 million were also highlighted in the financial statements.

Furthermore, the group's cash reserves are alarmingly low, with bank overdrafts exceeding the credit limits granted by financial institutions.

Significant tax liabilities totaling RM4.56 million, along with RM4.89 million in tax penalties from the previous financial year, have also been noted. Legal action has been initiated by tax authorities to recover these balances, but the proceedings remain ongoing and unresolved.

"We have not been able to obtain sufficient appropriate audit evidence in respect of the estimates and assumptions made in the cash flow projections prepared by the management. Accordingly, we are unable to obtain sufficient appropriate audit evidence to support the validity of the going concern assumptions adopted by the directors in preparing the financial statements of the group and of the company," the auditors said.

Meanwhile, the auditors highlighted that certain investment properties and inventories, collectively referred to as "the properties," with a total carrying amount of RM50.43 million, representing 28 per cent of the total assets of the group, are still registered under a former subsidiary company, despite its disposal.

The transfer of titles for these properties to the group has not been completed, complicating matters further due to the former subsidiary's winding-up process, the auditors said.

"Included in the term loans of the group is an amount of RM2.974 million, where we were unable to confirm the amount and the existence of the term loan, and we were unable to obtain any other audit evidence relating to the accuracy and the existence of the term loan.

"Accordingly, we are unable to determine whether potential adjustments are necessary, if any, and whether the group is obliged to settle the term loan," they said.

The auditors added that the combined impact of these factors casts significant uncertainties regarding Meridian's ability to continue operating.

Meridian has been classified as a Practice Note 17 (PN17) company, having triggered the PN17 criteria of the Main Market of Bursa Malaysia due to its minimal operational activity.

The developer has expressed its intention to formulate a regularisation plan to address its PN17 status, while Bursa Malaysia said it will continue monitoring the company's progress in complying with the Main Market listing requirements.

if SC and Bursa are not taking immediate to drag the directors to jail/court, malaysia would go to the Dogs hehe

Meridian's auditor raises doubts over company's ability to go on as a business entity
NST Wed, Apr 10, 2024 12:32pm - 1 hour


KUALA LUMPUR: Meridian Bhd's auditor have raised concerns regarding the continued viability of Meridian Bhd as a business entity.

In its recent filing with Bursa Malaysia, the property developer's external auditor, Messrs Jamal, Amin & Partners, issued a disclaimer of opinion on the group's annual audited financial statements for the period spanning from July 1, 2022, to Nov 30, 2023.

The auditors pointed out a lack of compelling evidence to support the directors' claim that it can sustain its operations.

Despite Meridian's financial statements assuming ongoing operations, a range of significant uncertainties, such as recurring losses, inadequate cash reserves, legal proceedings, and regulatory hurdles, cast doubt on the validity of this assumption.

The auditors highlighted that over the past three financial years, both the group and the company have incurred substantial net losses. Meridian reported a net loss of RM17.27 million, while the company's net loss reached RM90.98 million, raising concerns about the company's financial health and sustainability.

Negative indicators such as current liabilities exceeding current assets by RM4.935 million were also highlighted in the financial statements.

Furthermore, the group's cash reserves are alarmingly low, with bank overdrafts exceeding the credit limits granted by financial institutions.

Significant tax liabilities totaling RM4.56 million, along with RM4.89 million in tax penalties from the previous financial year, have also been noted. Legal action has been initiated by tax authorities to recover these balances, but the proceedings remain ongoing and unresolved.

"We have not been able to obtain sufficient appropriate audit evidence in respect of the estimates and assumptions made in the cash flow projections prepared by the management. Accordingly, we are unable to obtain sufficient appropriate audit evidence to support the validity of the going concern assumptions adopted by the directors in preparing the financial statements of the group and of the company," the auditors said.

Meanwhile, the auditors highlighted that certain investment properties and inventories, collectively referred to as "the properties," with a total carrying amount of RM50.43 million, representing 28 per cent of the total assets of the group, are still registered under a former subsidiary company, despite its disposal.

The transfer of titles for these properties to the group has not been completed, complicating matters further due to the former subsidiary's winding-up process, the auditors said.

"Included in the term loans of the group is an amount of RM2.974 million, where we were unable to confirm the amount and the existence of the term loan, and we were unable to obtain any other audit evidence relating to the accuracy and the existence of the term loan.

"Accordingly, we are unable to determine whether potential adjustments are necessary, if any, and whether the group is obliged to settle the term loan," they said.

The auditors added that the combined impact of these factors casts significant uncertainties regarding Meridian's ability to continue operating.

Meridian has been classified as a Practice Note 17 (PN17) company, having triggered the PN17 criteria of the Main Market of Bursa Malaysia due to its minimal operational activity.

The developer has expressed its intention to formulate a regularisation plan to address its PN17 status, while Bursa Malaysia said it will continue monitoring the company's progress in complying with the Main Market listing requirements.

A major fraudulent case... all directors should be sent to jail to strengthen corporate governance in Malaysia. :(
"We have not been able to obtain sufficient appropriate audit evidence in respect of the estimates and assumptions made in the cash flow projections prepared by the management. Accordingly, we are unable to obtain sufficient appropriate audit evidence to support the validity of the going concern assumptions adopted by the directors in preparing the financial statements of the group and of the company," the auditors said.

Meanwhile, the auditors highlighted that certain investment properties and inventories, collectively referred to as "the properties," with a total carrying amount of RM50.43 million, representing 28 per cent of the total assets of the group, are still registered under a former subsidiary company, despite its disposal.

www.klsescreener.com/v2/news/view/1307329/meridian-039-s-auditor-raises-doubts-over-company-039-s-ability-to-go-on-as-a-business-entity





THIRTY (30) LARGEST SHAREHOLDERS AS AT 7 OCTOBER 2022
(BASED ON RECORD OF DEPOSITORS)
No. Name of Shareholders No. of Shares Percentage (%)
1. AFFIN HWANG NOMINEES (TEMPATAN) SDN. BHD. 190,000,000 21.01
EXEMPT AN FOR LAZARUS SECURITIES PTY LTD
2. LIM KON LIAN 150,695,909 16.67
3. UOBM NOMINEES (TEMPATAN) SDN BHD 32,500,000 3.59
EXEMPT AN FOR SANSTON FINANCIAL GROUP LIMITED
4. LEE KOON WENG 31,130,000 3.44
5. PASUKHAS PROPERTIES SDN BHD 29,941,600 3.31
6. KONG KOK KEONG 28,000,000 3.10
7. HSBC NOMINEES (ASING) SDN BHD 26,246,900 2.90
EXEMPT AN FOR MORGAN STANLEY & CO. INTERNATIONAL PLC
(IPB CLIENT ACCT)
8. CGS-CIMB NOMINEES (ASING) SDN BHD 25,769,200 2.85
EXEMPT AN FOR CGS-CIMB SECURITIES (HONG KONG) LIMITED
(FOREIGN CLIENT)
9. MIDF AMANAH INVESTMENT NOMINEES (TEMPATAN) SDN BHD 22,389,624 2.48
PLEDGED SECURITIES ACCOUNT FOR TEOH SENG KIAN
(MGN-TSK0015M)
10. AMSEC NOMINEES (TEMPATAN) SDN BHD 22,336,692 2.47
PLEDGED SECURITIES ACCOUNT- AMBANK (M) BERHAD
FOR YAP TING HAU (SMART)
11. AFFIN HWANG NOMINEES (ASING) SDN BHD 20,805,800 2.30
EXEMPT AN FOR SANSTON FINANCIAL GROUP LIMITED
(ACCOUNT CLIENT)
146 MERIDIAN BERHAD [Registration No. 200001005180 (507785-P)]
THIRTY (30) LARGEST SHAREHOLDERS AS AT 7 OCTOBER 202

endgame strategy by israel... But then Israeli Prime Minister Benjamin Netanyahu said on Monday an unspecified date had been set for Israel's invasion of the Rafah enclave in Gaza, "ending the hopes that briefly gripped the market yesterday that geopolitical tensions in the region might be easing," Tony Sycamore, a market analyst with IG, wrote in a note.

need MWDG to help to protect Minority shareholders' interests. RM1.66 net assets per share after consolidation (20shares x 8.3sen@31.12.23).. cash and assets... corp governance reform is a must

RSI(14) Neutral 47.5
Stochastic(14) Oversold 12.5
Average Volume (3M) 2,250,800

Kawan Food Bhd :)

@KingKKK

CONSUMER Sector (KingKKK) - Unveiling Potential Q2 Stars: APOLLO, DLADY, SPRITZER, FFB, F&N, GCB, QL, MRDIY, NESTLE, BJFOOD

https://klse.i3investor.com/web/blog/detail/bestStocks/2024-04-06-story-h-184609490-CONSUMER_Sector_KingKKK_Unveiling_Potential_Q2_Stars_APOLLO_DLADY_SPRIT

21 hours ago

:) www.msn.com/en-my/news/other/hamas-is-writing-the-new-terror-playbook/ar-BB1lewHL?cvid=b012390fda7b48ffbb75cc908ae08138&ocid=winp2fptaskbar&ei=11

hah, up, 1.83 now hehe
Kawan Food Berhad, a company listed on the Kuala Lumpur Stock Exchange, is considered to have significant growth potential for several reasons:

- *Earnings Growth: The company is forecasted to grow its earnings by **18.9%* per annum¹, which is a robust rate indicating potential profitability and financial health.
- *Global Market: According to research, the global frozen food market is projected to grow at a CAGR of **3.4%* from 2019 to 2027⁴. With Kawan Food operating at a *60-65%* utilization rate, it is well-positioned to capture this demand growth due to its additional production capacity.
- *Product Range*: Kawan Food has a wide range of high-quality and affordable Asian delicacies that are sold worldwide, including in Western countries where there is a demand for such products².
- *Innovation*: The company's commitment to innovation is evident in its state-of-the-art manufacturing facilities and its ability to adapt to market trends and consumer preferences².

These factors contribute to the optimism around Kawan Food Berhad's potential in the market.

Bursa Malaysia (the stock exchange), the Securities Commission (SC), and minority watchdog groups like the Minority Shareholder Watchdog Group (MSWG) can collaborate in several ways to enhance corporate governance and protect minority shareholders' interests:

1. **Regulatory Framework**: The SC can provide a robust regulatory framework that encourages transparency and fairness in the market. This includes enforcing regulations that require companies to disclose material information promptly and accurately.

2. **Monitoring and Enforcement**: Bursa Malaysia can monitor listed companies for compliance with listing requirements, while the SC can take enforcement actions against companies that violate securities laws. Meanwhile, watchdog groups can keep an eye on corporate activities and report any irregularities to the authorities.

3. **Shareholder Activism**: Minority watchdog groups can promote shareholder activism by educating investors about their rights and how to exercise them effectively. They can also represent the interests of minority shareholders in engagements with company management.

4. **Research and Advocacy**: These groups can conduct research on corporate governance practices and advocate for policy changes that benefit minority shareholders. They can also publish reports and analyses to inform the public and regulators about the state of corporate governance in listed companies.

5. **Collaborative Initiatives**: Joint initiatives, such as the development of codes of conduct or stewardship codes, can be undertaken. For example, the Malaysian Code for Institutional Investors was developed to set out broad principles of effective stewardship by institutional investors².

6. **Financial Support**: The SC can provide financial support to watchdog groups to assist them in their setup and operational costs, as it did with a grant to Badan Pengawas¹.

By working together, these entities can create a more accountable and transparent market environment that is conducive to investment and economic growth.

protecting minority shareholders from being bullied or marginalized by majority shareholders is crucial for maintaining fairness and integrity in corporate governance. Close collaboration between regulatory authorities and watchdog groups can help ensure that minority interests are adequately represented and safeguarded.

https://www.klsescreener.com/v2/news/view/1305573

:)

There are no specific rules that define oppression but the test is really whether there is commercial unfairness in the treatment of a shareholder.

The textbook definition of minority oppression refers to unfair treatment or behaviour by a corporation, likely controlled by a majority shareholder(s) or director(s) of a company that disregards the minority shareholders.

In most cases, the acts carried out are in the best interest of the majority shareholder(s) or director(s) at the expense of minority shareholders.

Minority shareholders need more protection

MLABS Systems Bhd’s diversification into the factoring business through Ikhlas Al Dain Sdn Bhd is significant for several reasons:

Earnings Base Expansion: The move aims to expand MLABS’s earnings base and reduce the risk of business concentration1.
MOF-Approved Factoring: Ikhlas is approved by the Ministry of Finance to conduct factoring, development financing, leasing, and building credit, which allows it to collect payments directly from the ministry for invoices from government contractors and service providers1.
Financial Performance Improvement: The diversification is expected to improve MLABS’s financial performance and provide a better financial footing in the long run1.
Market Demand: There is a growing demand within the factoring market segment, which MLABS plans to tap into1.
Potential Contribution to Net Profit: The factoring business is anticipated to potentially contribute 25% or more of MLABS’s net profit1.
This strategic move is particularly important as MLABS has faced intense competition and was loss-making for years. By venturing into the factoring industry, MLABS is looking to leverage Ikhlas’s capabilities and market position to turn around its financial performance and secure a more profitable future

The partnership between MLABS Systems Bhd and LG Electronics is expected to bring in profit due to the master sales agreement for the distribution of LG products in Malaysia1. This agreement, which supersedes a previous memorandum of understanding, outlines the obligations and responsibilities of each party in the distribution process12.

The anticipation of profit from this partnership could be attributed to several factors:

Increased Revenue: The partnership is likely to increase sales and revenue for MLABS as they distribute LG’s products, which are popular and have a strong market presence.
Market Expansion: MLABS will benefit from LG’s established brand and wide range of products, potentially expanding its market reach and customer base in Malaysia.
Operational Efficiency: The collaboration may lead to improved operational efficiencies and cost savings through shared resources and expertise.