First Inari then microlink. Thong not doing well.
Technology solutions provider Microlink Solutions Bhd recorded a 98.3% decline in its net profit for the second financial quarter ended Sept 30, 2023 (2QFY2024) to RM126,000 from RM7.22 million a year ago, due to lower margin from order fulfilments and progress billings.

I think it is safe to say Thong is doing what he wants and does not care about other shareholders and board are either blindly incompetent or party to it , either way they as directors are not doing their duty as directors

thanks @sslee, I have forwarded that to the researcher and lawyer; it is not the only one and more info coming in. it will take a bit of time then we will file it and make a complaint.

I believe people will not as Thing has official shareholders that he has to declare but also unofficial that he also control so too much risk for anyone to take him on. Hence even though new investor could make a lot of money by buying in they will never get enough control to get payback. I am trying a different route, spent time with lawyer on Friday and are finalising options. Also have enagaged someone to review other business transaction I have become aware of that need to be checked if properly declared like apartment block built…

Inari results not great, they still have RM600 million from last year rights issue not spent as well. whilst I think they will do ok, not going to rocket and competition is growing. Even more important for Insas to return value to shareholders. New director in Inari who is Thong appointment already stepped down after a few months... Behind insas wall of silence and Thong controlling everything things are not great.

@sslee they look good. Let’s see if they answer them

Also I have made a complaint to https://www.mswg.org.my/ and suggest everyone does , also I will tomorrow write to various media to highlight the irregularities going on at insas against minority shareholders

@sslee you are too kind. The dividend linked the net asset value is what I benchmark a boards performance on. Which means it is less than 1%. The board are purposely manipulating the share price to keep it low. As shareholders we have one option and that is to vote against all resolutions at the agm , thing and his friends have the majority shareholding. Yes not only has he got related party shareholders he has friends too. I only have a few million shares but will be voting against all agm motions and I hope everyone does as well

2.5 cent dividend is terrible. This board does not represent the minority shareholders and the independent directors are just doing as they are told and taking there fees. A rm1 dividend could have been given . Thong does not need the cash as he gets it other ways and minority shareholders are ignored

It would rise quickly if the EPF were not so silly as to dump shares now. You can see the buying momentum..
They were supposed to be investing in good stocks, this is a stock they should be supporting. My only hope is when Inari is sold they lose out.

Yes I now the companies very well. Omesti not done well. Simply appointing family not a good sign

Thong appointed his 33 year son Director of microlink. Not a good sign

If the company bought back its own shares would that also push Thong over a threshold ? Is that why he has told the board not to do it and they are complying ?

As you can see, for years, no one has wanted to take on Thong. You can look at it as you share that anyone with deep pocket could in theory asset strip Insas and make a lot of money. Unfortunately, it will not happen. Hence the situation that Thong is doing what he is doing and does not care.

sslee you are very supportive I see and know the management and it is good you emailed them even though they will do nothing. They are not a VC, Thong placed a good acquisition on Inari shares before they became big and that has put Insas it where it is. The car company is a bust, hohup is a bust, omesti & DGSB all not done well. So they buy like old school way shop lots and apartments. Yes Thong is trapped. He cannot increase his stake as he can't afford to buy the company. He controls the board 100% and is still on Inari board to control that. So Insas is now trapped, refuses to buy back shares, give shareholders cash back via dividend... Thong and friends don't need the money so for them no issue, just let it be how it is. They all meet at a bar in Damansara and do their side deals. Side deals like building apartment blocks...

He would have just sent it to Thong who probably deleted it. Thong & co can’t afford to buy back the company so just make money on the sidelines and through other ways and don’t care about share price and minority shareholders. Or the fact they look bad… sadly I don’t see anything changing either and northern does the market when your share price is a discount even to cash in the company..

That is not what the article says.. you include the m&a international as part of 25% , they say it is separate

This is an old article form edge but shareholding is much higher. Not sure what it is today .
Kok Khee has a 25.05% stake in Insas and his brother Kok Yun controls 11.19%. Another 18.77% is held by M&A Investments International Ltd, which, according to Insas’ 2018 annual report, is linked to Kok Khee. This would mean that the brothers have about 55% equity interest in Insas at present.

Insas has so much cash they if they wanted to could have been buying back shares for a long time but for some reason like a low share price and lots of cash… all about thong taking company back. He step down from Insas to make it look like he has distance , but stays on inari board … says it all

He worked for Thong for how long? Declaring he is independent but still doing what he is told… you don’t bite the hand that feeds you.

Share price 85 cents , NAV 3.53 ( 24% value) . One of the worst I have seen. Also, with over RM1 billion in cash. The market thinks Thong's management has no value. He and other management are on a gravy train. No need to give proper dividends. The last dividend 2.5 cents, which is a measly 0.7% return on value. Interest at bank gave more return than Insas Board give to shareholders... The independent directors are asleep or just doing as they are told and taking payment.

I will be getting enough people to force a rm1 one off dividend paid from cash bank balance. Time to return funds to shareholders

Net Book Value of company is RM 3.53 , of which RM 1 billion is cash. With 630 million shares the company could give a RM 1 Dividend and have no effect of investments. Why should anyone be happy with a miserable 2.5 cents

He also voted not to return funds to shareholders so all resolutions should be voted against. Thong treats this like his own company and time to change.

Thanks, then prior to AGM we need to get everyone to vote against AGM resolutions in particular director renewals. I am already reaching out to minority shareholder watch group to see if that is any help.

INSAS board will never give proper answers... RM1 Billion in the bank , should give bumper dividend. Net Value is Rm3.35 yet share price lower than net cash position, let alone all the assets the company owns. One of the worst ratios in the market. The market knows Thong and family too tight to do anything to distribute money to minority shareholders. Independent directors all friends etc so will just go along and collect directors fees. Need to get 10% of shareholders together and call AGM to force publicity that shareholders want cash distributed. Then Thong becomes very public which he does not like. they will vote against and abuse there majority position but what else to do.

Name of substantial
shareholders
No. of
ordinary
shares
%
1. Dato’ Sri Thong Kok
Khee *
166,064,962 25.05 %
2. M & A Investments
International Limited 124,420,289 18.77%
3. Dato’ Thong Kok Yoon ** 74,203,648 11.19%
* Direct and deemed interest by virtue of his family
members’ interest and his substantial interest in M&A
Investments International Limited, Immobillaire Holdings
Sdn Bhd, Baktihan Sdn Bhd, Winfields Development Sdn
Bhd and Montprimo Sdn Bhd.
** Direct and deemed interest by virtue of his family
members’ interest and his substantial interest in Perak
Traders Holdings Sdn Bhd and Baktihan Sdn Bhd.

Hi, I am new here but hold Insas Shares.
The minimal dividends Insas give yet receive good dividends from Inari etc are because major shareholders hoarding cash.
They are nearly at a point where they can take Insas private by using shareholder money is my guess (only a guess)
If they gave good dividends, they would not have over RM1 Billion in cash in the bank, let alone all the assets.
Based on the Annual Report, there are 663,020,762 shares, of which major shareholders have 364,688,899. That leaves just 298,331,863. The current Net Asset Value is 3.53. So even if they offer RM2.70 a share to take private (which they could do tomorrow or wait for more shareholder cash to come in), which costs RM 805,496,030 , obviously, they would not use all the cash, banks would line up to loan them any cash they need as to take private they would not need to sell and assets and keep making lots of profit each year.
Thong and family's current value of shares is RM 328,220,009 , if you take off 805,496,030 from RM 2,342,233,000 as per the annual report that means they then have a value of RM 1,536,736,969.90 . Obviously, there are other things and this is a very simple analysis, but it is obvious what the plan is and why the dividends are so small.
How the independent directors do not challenge why a positive cash-generating company like this needs over RM1 Billion cash sitting in a bank and refusing to distribute to shareholders is a big question. If any figures here are wrong, please let me know, and will change them.
Just my 2 cents....