How come u blame these people..u say that u are so good in business
Where your due diligence..this is not monkey business
Now, u want to blaming other people

What u talk nonse..u are stupid..u want to blame these 2 guys..come on lah

Tuesday, 11 November 2014


The Edge, KiniBiz and The Star are actively writing about Protasco these days, and one can't blame them. There is a mud-slinging match going on between Tey and Chong, which is always good for some interesting news, that is what people like to read. Finally details (some unconfirmed) have been revealed in these articles, details that should have been revealed by Protasco itself a long time ago.

One important question in all of this is, which party is right?

But at least as important is the question: where is and was the transparency in all of this?

The deal in question started almost two years ago, and the official news as revealed by Protasco has been very, very limited, and most of it very much delayed.

January 2013 I wrote "Protasco's Puzzling Purchase" in which I asked the following questions:

Protasco does not seem to have relevant experience in the notoriously difficult oil and gas industry, why does it want to take so much risk, especially in Indonesia with poor corporate governance?
PT ASI is only a few months old: "PT ASI was incorporated in Indonesia on 6 September 2012 as a private limited company".
PT ASI only has one director who hardly owns any shares. No background of this director is given.
The vendor is 99% owned by Anglo Slavic Petrogas Ltd, a company registered in the British Virgin Islands, no background is given, a search on the internet returns nothing; who is behind this company, what is their track record?
The company structure of PT ASI owning part of PT FAS owning PT Haseba is rather artificial, why is such a difficult construction chosen?
Who are the minority shareholders of PT FAS and PT Haseba?
On the signing of the S&P, Protasco will pay RM 50 million cash, why so much? This is about 30% of the total amount, much higher than normal in comparable deals.
On November 1, 2012 PT ASI signed a S&P agreement to buy an additional 46% of PT FAS. What was the price paid for that stake? Why does Protasco not wait until this deal is panned out?
And further on:
..... the production agreement will expire in 2014 (next year!) and it is not sure if PT Haseba is able to negotiate a new contract, and if so under what conditions. Why buy into a company with so much uncertainty?
"The KST Field was founded in 1972 and operated by PT Pertamina Doh Nad Sumbangut until 1997. Thereafter, in 2004, Pertamina awarded PT Haseba a 10-year PMP Agreement for KST Field.". Why the gap of seven years? Also, this field seems to be pretty old, often yields are not that great in old fields. Why can't Protasco give some production numbers for KST Field?
Why are no preliminary results for 2012 given? At least the half year numbers should be made available? And why are all the financial statements not audited?
What are the results for PT FAS for the last three years?

Most of these questions are now, almost two years later, still never dealt with.

Soon shareholders have to vote in two subsequent EGMs on the directorship of Tey, Ooi and Chong.

But based on what information, if so much is still never revealed?

The winner in the on-going battle will be a bruised winner. And lots of doubt will continue as long as the air is not properly cleared.

The other directors (especially the independent ones) of Protasco also should evaluate the corporate governance standards of the company. A big improvement is urgently needed.

And then there is still another matter. How much of the money paid by Protasco can be recovered? Shares of Indonesia listed PT Inovisi Infracom Tbk were held in trust, but the share price has tanked recently.





Protasco has initiated legal proceedings to reclaim the money, but court cases in Malaysia (when appealed) can easily take ten years to conclude. And in this case two other countries are involved, Indonesia and the British Virgin Isl

So no worries..next year nexgram can start project
This court case will take years

Tuesday, 11 November 2014


The Edge, KiniBiz and The Star are actively writing about Protasco these days, and one can't blame them. There is a mud-slinging match going on between Tey and Chong, which is always good for some interesting news, that is what people like to read. Finally details (some unconfirmed) have been revealed in these articles, details that should have been revealed by Protasco itself a long time ago.

One important question in all of this is, which party is right?

But at least as important is the question: where is and was the transparency in all of this?

The deal in question started almost two years ago, and the official news as revealed by Protasco has been very, very limited, and most of it very much delayed.

January 2013 I wrote "Protasco's Puzzling Purchase" in which I asked the following questions:

Protasco does not seem to have relevant experience in the notoriously difficult oil and gas industry, why does it want to take so much risk, especially in Indonesia with poor corporate governance?
PT ASI is only a few months old: "PT ASI was incorporated in Indonesia on 6 September 2012 as a private limited company".
PT ASI only has one director who hardly owns any shares. No background of this director is given.
The vendor is 99% owned by Anglo Slavic Petrogas Ltd, a company registered in the British Virgin Islands, no background is given, a search on the internet returns nothing; who is behind this company, what is their track record?
The company structure of PT ASI owning part of PT FAS owning PT Haseba is rather artificial, why is such a difficult construction chosen?
Who are the minority shareholders of PT FAS and PT Haseba?
On the signing of the S&P, Protasco will pay RM 50 million cash, why so much? This is about 30% of the total amount, much higher than normal in comparable deals.
On November 1, 2012 PT ASI signed a S&P agreement to buy an additional 46% of PT FAS. What was the price paid for that stake? Why does Protasco not wait until this deal is panned out?
And further on:
..... the production agreement will expire in 2014 (next year!) and it is not sure if PT Haseba is able to negotiate a new contract, and if so under what conditions. Why buy into a company with so much uncertainty?
"The KST Field was founded in 1972 and operated by PT Pertamina Doh Nad Sumbangut until 1997. Thereafter, in 2004, Pertamina awarded PT Haseba a 10-year PMP Agreement for KST Field.". Why the gap of seven years? Also, this field seems to be pretty old, often yields are not that great in old fields. Why can't Protasco give some production numbers for KST Field?
Why are no preliminary results for 2012 given? At least the half year numbers should be made available? And why are all the financial statements not audited?
What are the results for PT FAS for the last three years?

Most of these questions are now, almost two years later, still never dealt with.

Soon shareholders have to vote in two subsequent EGMs on the directorship of Tey, Ooi and Chong.

But based on what information, if so much is still never revealed?

The winner in the on-going battle will be a bruised winner. And lots of doubt will continue as long as the air is not properly cleared.

The other directors (especially the independent ones) of Protasco also should evaluate the corporate governance standards of the company. A big improvement is urgently needed.

And then there is still another matter. How much of the money paid by Protasco can be recovered? Shares of Indonesia listed PT Inovisi Infracom Tbk were held in trust, but the share price has tanked recently.





Protasco has initiated legal proceedings to reclaim the money, but court cases in Malaysia (when appealed) can easily take ten years to conclude. And in this case two other countries are involved, Indonesia and the British Virgin Isl

Ok we discuss nexgram
When alice come, just ignore ok

Tapi alice akan datang kacau

Tpy tak hairan dividen..dia akan naik kan share price
Skrg ada problem..ada org gila kuasa nak main saman saman

Pls support tpy..he is young and caliber
He will lead the company to sucess..

Konek..ops sorry connect1.. We support chong lah
Chong baik ..bagi dividen

Antz..jgn pecah rahsia
Esok alice pergi kacau siapa dr luar negeri yg beli tu

U know a&m developemt ..tpy from there

So, lets chong rest witb his granchild
Chong no energy to lead
Serious..think about it
Pls vote wisely..

Share jatuh and jatuh...tapi u dpt dividen..cant make profit from share
What the heck

Its ok ..kalau 10 tahun berturut turut..loss and borrow money to pay dividen ..how
I ada sikit saja lot potato..ops sorry..its protasco is it
U minority happy with dividen only..
If u want dividen..come i tlg masuk asb

Minority at protasco..chong good businessman
Loss also still pay dividen..borrow lah from bank

I standby 120,000 .. Want to buy banyak
Alice cakap undervalue..can go rm5
I sayang alice

Alice..i want to see chong..want give full support
I dont care he borrows money to pay dividen
I dont care he cheated people
Can u arrange to see ur boss

Good kind company..generous..long live protasco

Buy prt..dont worrh even losses

Alaamak ..mgkn alice tak tau cakap melayu

Saya percaya apa yg alice cakap..aljce org baik

Alice cakap..dia mau selamat kan org dibumi ni..pasal ni karma dia

Hahahahh..saya tak tau..saya ikut je apa alice ckp..asalkan dia bagi saya upah

I cakap alice suruh beli protasco pasal akan naik rm5
Tapi alice suruh beli byk byk ..baru untung
Mana upah saya

Alice..i sudah promote kat protasco
Mana upah saya
U pm me kata mau bagi upah

Saya pun mcm tu..alice paksa..dia ckp nnti dia upah saya..
Saya penjual burger

buy buy cheap sale..
Will up rm5.00
Rugi tak beli..harini jatuh .09 jadi 1.60
Make sure beli byk byk..baru boleh kaya kalau naik 5.00

Pls peopel here..give full support to chong..even he stealing..we dont know..we dont care
As long he can borrow money from bank and pay us dividen..i happy

Cant be..i personally know chong..he is very kind and generous
Pls dont say like that bjcorp

Hah

Bing..must support chong ok
Dont talk about others

Chong is so generous guy..he will take care pf minority..he willing to borrow money
To pay dividen..support chong

Yes..buy buy buy..undervalued
Target rm5.. So cheap
Lelong lelong

Yes lets go all ..we go to protasco forum
Lets alice here

Prtasco boleh naik rm5

Can someone here go and collect one dog barking at nexgram forum
Plsssssss

Dividen from borrowing banks money
Wow. New business strategy i learn
1. Even u lost.. Borrow money to pay dividen.. Make sure minority happy

Go and jaga your money la
We know the syrategy lah
All this while.. This alien not in the picture
Suddenly,only these 3 says muncul
What the heck.. U think we dont know

Stop lah
My money lah

Everybody ..im done
See u at 0.01!ya..ok alice ..at least u happy

Superhero..want to save us before nexgram sinking
Tq God..still got people like alice in this world
Tq alice

Hahahha..lagi bertambah sayang saya kat alice

U r funny..now im not mad at u..i sayang u
U mmg funny
Alice quote..cant leave before i save all of u.. Quote of the year

Tpy sell..proxy or nominee sapu kot

Ayoyo..all sapu.. Who sapu .alice sapu ke

U make lost ..u still give dividen..what a stupid strategy
This is not NgO lah

I will say ..what the heck..u lost..u still give me money bcos u mau jaga hati minority

Ayoyotot

Confuse also..people keep buying..
Alice..pls tell people out there dont buy
Nexgram sinking sinking..

Again..who cares alice..as long chong bungkus

Again alice..who cares..
As long i want tpy topple your boss
But, before than pls ask your boss pays u for what effort these 3 days