LESSON LEARNED

No matter what company you work in, kaki member of MIA always consult with each other on professional issues.

Work in different company doesn't mean its kaki don't deliberate on issues (even as a competitor).

VERY NORMAL PRACTICE.

.
KPMG Auditor Calls EY Friend to double check accounting standards and auditing standards and actoins

End April 2021

KPMG - Eh, kawan long time no see.
EY - Long time leh. Wah, very seldom you call me go mamak.
KPMG - Actually ah, need to seek opinion. Asking for a friend lah.
EY - What issit about?
KPMG - Lidat wan, got this client...blah blah blah issue.
EY - Oh lidat ar, If I were you, I also share your opinion and do what you need to do loh.
KPMG - Oh ok, scared take wrong action. Thanks.
EY - No problem. Definately the right action.

Early May KPMG Sends letter and responds
End May SD fiasco happens

KPMG Auditor Calls EY Friend to update recently

KPMG - Wow. Really hot potato situation now.
EY - Hooo. Damn serious man. Your client wants you removed.
KPMG - Even SC raid office.
EY - Really ganas this SC.
KPMG - You know the issue right?
EY - Ya, very versed. More work for us and fees, haha
KPMG - Well good luck to you.
EY - At this juncture, unless nothing has changed from what you shared previously, then our opinion would be the same as yours.
KPMG - Thanks for the confirmation.
EY - Has BNM involved itself yet?
KPMG - SC would be getting the records.
EY - Seems like another "Saudi Prince" donation.
KPMG - Ya, really sweating. These middle eastern transactions cannot be traced wan. Very difficult. Then later AMLA and tax evation things get thrown about.
EY - Luckily, we just appointed to do the follow up only.

End Call

.
Jonathan Keung MSWG { CEO } mentioned Serba is entitled to have an third party independent review on KMPG { rarely MSWG voiced out to support a company } something is not right with KMPG

You 1st time in the real world issit? both auditor and company have right not to sign off if there is dispute in the financial statements.

Nothing new here.

So better settle it quick rather than let it drag after deadline to publish the results.

.
goldenluck16 Today's a short sellers' market. Yesterday's knee jerk reaction due to short covering. Overall SB is still in the downtrend.

kneejerk because need to meet monthly "survival funds"

kneejerk because 99.99% here don't have c-suite experience, donno real impact

kneejerk because funds in bank accounts less than RM2million but debt RM10million

kneejerk because worry all the time, until wake up 5am posting in klse.i3

.
15 Jun 2021 SERBA DINAMIK HOLDINGS BERHAD Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD

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Serba Dinamik

When do you think the annual report for 2020 will be out? It wont for the next 5 months from today.

Directors knew they were in trouble and will not fulfill the requirements.

Hence, they decided to move the year end from Dec 2020 to June 2021. It will be 18 months Annual Report then.

Expect all to be solved by end end-September 2021 month?

.
Congratulations to the day traders. Now, we can see them actively sing song here.

Such a relief that this month "survival funds" already achieved. Being a bilis is tough life.

Today and here onwards, try to sing more songs to make the "monthly" special bonus to take the relief for next few months.

Good luck.

Why all the day traders keeping quiet? Usually sing song wan by this time ady....

The Pn. Independent Director is needed to really defend the company from SC only. UNFORTUNATELY, laywer are no experts in accounting standards especially in area of subtance (accounting standards) over form (legal). Definately accounting standard takes precedent.

Was quite dissapointed that no ex-BNM official was appointed to deal with money landering issues that will be brought up in the coming weeks. Hope they are working on it.

.

99% of bottom of barrel names examples below

does sslee, raider and Mabel consider Mike as their friend?
Leno as a doctor, quote, "Hope someone close to him notice all these signs.
Leno really wish him all the best." Unquote

.
There is difference.

I am queuing 100,000 units at RM62 sen

vs

I have 100,000,000 unit in bank account equivalent at RM62 sen per unit free cash sitting in FD

NO NEED TO TELL HOW MANY YOU BOOK OR HOLD OR SELL.

99% of you lot here only "CUKUP MAKAN" per month playing day trades.

.
Directors sold is because of margin call. They got the shares thru margin financing.

You think the directors were USD billionaires meh before listing?

The worry is how much will be forced selling if margin called when price drop below 60 sens?

Hence, the stiff resistance.

But day traders will say otherwise. Just scroll thru and ignore as I do.

.
12.05pm: Datuk Seri Anwar Ibrahim leaves Istana Negara after having an audience with the King. The Opposition leader said he pleaded for the King not to extend the Emergency. He said the Emergency was not helping the people especially the lower income group.

"When asked, Anwar said the question of changing the government was not brought up at this point."

When political leaders are told to keep mum about certain things discussed this is what they say.

EXPECT A CABINET RESHUFFLE AND REMOVAL OF UNDER PERFORMING INDIVIDUALS

ESPECIALLY

THE FINANCE MINISTER

When the issues get settled, there is only one way for SD to be trusted again.

Yes, if some of you know the answer, is to have auditors full time in the Finance Division throughout the year to scrutinise all daily transactions. It would have to be KPMG that is doing it as they are the appointed auditor at this point of time.

That is the way that is being done for Armada so no issues arises.

Of course, audit fees will go to the million per year.

You gotta do what you gotta do to provide assurance.

.

Guide to deciphering the different type of investors here.

Day/Low/Newbie Level Traders
Buy low, sell high in less than 24 hours to a few weeks. Comments are more like singing a song, talk poetry, spamming. In Malaysia, just like pasar malam talk. Don't really make much, usually "cukup makan" on monthly basis. Hence, the incessant involvement in forums with "junk talk". If you imagine them sitting behind a computer, its like looking at a man/woman with messy hair and leg on chair. May not wear undergarments, just a pajyama.


Mid Level Traders
Slightly better than Day/Low/Newbie Level Traders and can support with some basic analyses. Real world experience not much since many are at executive/mid-level management at best. Can make few RM hundred K every few months if lucky. Usually RM20k a month is considered good. Dress decent behind the computer.


Professional Investors
Well informed and have real world working experience to shift thru the relevant details. Can anticipate realistic issues, problems and solutions. Typically, C-suite experience. Usually can make RM millions per month, but investment strategy quite long term and need insider to help. Reads a lot of professional investment write-up that are very industry specific. Dress code is good and may have jewellery on them. Hair also well kept.

.

This evening.....


09 Jun 2021 SERBA DINAMIK HOLDINGS BERHAD Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD - Disposed

09 Jun 2021 SERBA DINAMIK HOLDINGS BERHAD Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD - Disposed

.
PM leaves Istana Negara after audience with King

Dah kena sound

.
PM arrives at Istana Negara.

Will Tengku Zafrul still be Finance Minister next week? What does it mean for AA, who Tony has close relationship with Zafrul.

If the world stops oil production for 2 years, there is enuff oil in shuttle tankers and storage silos worldwide to keep the world running for 2 years.

It is apparent that traders are playing commodity prices just like bitcoin. We don't blame them because that is what they do. They got no other life.

.

This evening.....


09 Jun 2021 SERBA DINAMIK HOLDINGS BERHAD Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD - Disposed

09 Jun 2021 SERBA DINAMIK HOLDINGS BERHAD Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD - Disposed

.

This evening.....


09 Jun 2021 SERBA DINAMIK HOLDINGS BERHAD Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD - Disposed

09 Jun 2021 SERBA DINAMIK HOLDINGS BERHAD Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD - Disposed

kalo naik, rakyat tak yah keja lagi tapi hakikatnya rakyat sensara

Genting selalunya untung, hanya pembelinya rugi

falsafah tikam

.

8 JUNE 2021
SERBA DINAMIK HOLDINGS BERHAD Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD - Disposed

Disposed

If drag middle east country into political firestorm again by Serba Dinamik, really boom downwards.

Seems like all dealings with middle east countries got problem one. Does SD have Ambank akaun? :)

.

8 JUNE 2021 - SERBA DINAMIK HOLDINGS BERHAD Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD

IF YOU SEE THIS, BE READY TO PENGSAN!


1 8 JUNE 2021
SERBA DINAMIK HOLDINGS BERHAD Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD

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If epf dispose, that is really bad news.

Expect Agong to bertitah this weekend after he finished his audience with all political parties this Friday.

Tengku Zafrul used to work for Tony as CEO of Tune Money 15+ years ago

CIMB will jaga AA.

However, if this week, after audience with Agong change of government again and Tengku is no longer Finance Minister,

you can say bye bye to AA.

End of day, whatever inside information, insider talk is

CONFIRM IF YES OR NO TO DID SERBA DINAMIK DO

MONEY LAUNDERING??

Simple.

Sincere what funny is people rather invest on AA company with negative net asset, has hard time to recover from losses to pay it's debt even after the pandemic ended


Ppl dont realise AA's foray to Digital markets need 5 years minimum to see some results.

Shopee/Lazada took more than 5 years and really boom during pandemic.

That is reality that investors don't have experience in.

Think everything is a few months to achieve.

PLEASE STICK TO SD HERE

ARMADA GO TO ITS CORRECT SITE!

ARMADA STILL SHI.TE

all retailer who bought last week, all RIP.....

ALL RETAILER WHO BOUGHT SINCE MARCH 2020 AND STILL HOLDING

WILL RIP

:)

.
The Edge Markets


BNM investigates Serba Dinamik Berhad
8th June 2021








Soon to be published.

The issue is not with the revenue or the trade receivables. All contracts are there but only cannot be verified by KPMG.

Which means, the trade receivables get settled, ie. there is money movement into SB.

What we should be asking is that are these sort of transactions not in accordance with the Anti Money Laundering Act? SC is involved now.

Where is BNM? If BNM comes into picture, then its game over because as we all well know, any monies remitted to Malaysia in excess of RM200k per transaction, will have to be disclosed to BNM. That information is already in the database.

What is the minimum quarterly profit result for Armada to be acceptable?

RM350 million in Net Profit for every quarter (excluding non cash write backs aka. adjusted net profits) on average for the next 6.25 years is the minimum level that Armada to achieve with the new debt restructure.

HENCE,

Based on the financial review of Armada ,

PROOF – ARMADA REVENUES ARE NOT ENOUGH TO SETTLE DEBT
PROOF - 14.5 YEARS TO FULLY SETTLE DEBT IF REVENUE STABLE FOREVER BUT ITS FIRM IS ONLY UP TO 6 YEARS!
PROOF - NOT ENOUGH TO SETTLE INTEREST AND TAXES
PROOF – ARMADA CANNOT GET ANY MORE FINANCING

Armada’s ability to secure new contracts is likely to be 0%

PROOF - Armada has lost the momentum as a major player since 2014.
PROOF - Armada has been without a business development / sales team since 2014.
PROOF – Armada embroiled in various allegations from various countries including EU and INDONESIA.
PROOF – Armada’s strategic direction is uncertain due to controversies with its major shareholder.
PROOF – Armada’s behavior as a contractor has been one of litigation.
PROOF - You cannot bid for contracts if you do not have donor tankers.
PROOF – Armada’s recent FPSO is a lemon.

It is enough to pay off the RM13.5 billion debts (excluding interest)?

HOW TO MEET THE RM6 BILLION DEFICIT???

How much ADDITIONAL new revenue is needed for Armada?

=================================
Around RM15 billion in new sales / revenue.
=================================

FIRM ORDER BOOK NEEDS TO BE RM35 BILLION!!!!!!!!! NOT RM18.6 BILLION!!!!!!

That is not going to be achievable for Armada since it no longer has the reputation to get new contracts.

Looks like its "ride the train for as far as you can" before it breaks down.

Based on the financial review of Armada with the latest addition of the 3 out of 3 GOOD NEWS, it was determined that (basically, nothing has changed from previously!) :-

PROOF – ARMADA REVENUES ARE NOT ENOUGH TO SETTLE DEBT
PROOF - 14.5 YEARS TO FULLY SETTLE DEBT IF REVENUE STABLE FOREVER BUT ITS FIRM IS ONLY UP TO 6.25 YEARS!
PROOF - NOT ENOUGH TO SETTLE INTEREST AND TAXES
PROOF – ARMADA CANNOT GET ANY MORE FINANCING

Armada’s ability to secure new contracts is likely to be 0%

PROOF - Armada has lost the momentum as a major player since 2014.
PROOF - Armada has been without a business development / sales team since 2014.
PROOF – Armada embroiled in various allegations from various countries including EU and INDONESIA.
PROOF – Armada’s strategic direction is uncertain due to controversies with its major shareholder.
PROOF – Armada’s behavior as a contractor has been one of litigation.
PROOF - You cannot bid for contracts if you do not have donor tankers.
PROOF – Armada’s recent FPSO is a lemon.

6.25 years to go or 26 Quarters to go. RM80 million net profit per Quarter optimistic assumption. That means RM2.0 billion in profits.

Rm19.6 billion confirmed sales for next 6.25 years. Actual operations profit from Rm19.6 billion is around Rm8.0 billion. Rm8.0 billion has to pay for everything under the Gross Profit line. And this doesn't include principle debt payments of Rm12.5 billion. Q results don't matter. And when oil industry recovers in 2030, Armada's assets are nearly 20 years old. End of life.

It is enough to pay off the RM13.5 billion debts (excluding interest)?

HOW TO MEET THE RM6 BILLION DEFICIT???

How much ADDITIONAL new revenue is needed for Armada?

=================================
Around RM14 billion in new sales / revenue.
=================================

That is not going to be achievable for Armada since it no longer has the reputation to get new contracts.

So it’s the crunch time now. What are the options available to the shareholders?

1. Take Armada private
2. Sell Armada
3. Dispose assets to continue to try to survive

1. Taking Armada private

Do you think that the main shareholders want to do so when Armada is an endless money pit with gutter reputation? Finance 101, get rid before you incur more losses.

2. Sell Armada

No one is buying Armada in this market until 2030. And the new shareholders have to deal with an incompetent management.

And new owners have to come up with an additional RM5 billion to pay off its debts.!!

3. Dispose assets to continue to survive

Assets are worth nothing as long as the market doesn’t recover until 2030. The asset are still being valued too high. Disposing assets wouldn’t be enough to settle Armada’s debts anyway.

With the review of the latest results, it was exceeding our expectations. Our view is now further reinforced that Armada will default. How much time left before Armada defaults? It would be next year when it defaults.

Despite the enthusiasm on the following: -

Speculated improvement in cash flows - Insufficient in 2020
Speculated settlement on Claire - Circa 25% of the asking compensation by Armada
Speculated award of new contracts - Nil probability
Speculated sale of assets - Highest bidder bidding at 10% of current NBVs

Armada would not be aggressively pursuing debt restructuring negotiations if the above were not in positive light. A highly anticipated default will still happen.

Given that the option to take private, to sell out and sell assets are not viable for Armada, what route will Armada take in such a event? PN17 and administrators will come in for sure.

We expect that Armada will be broken into many pieces. For the FPSOs, it would be taken over by their respective JV partners and other assets will be sold off to the highest bidder.

We expect institutional funds to lose all investments and creditors will not be paid 80% what is owed to them while debtors will be taken to court wherever possible.

As for the main shareholder, they have already clawed back their investments when they part disposed in 2011/12.

Looks like its "ride the train for as far as you can" before it breaks down.

o, with the above still unresolved, what are the plans of the Shareholders? For now, they have no plan as of yet, and hold the stance of what till the "shi.t" happens before acting.

For the time being, they have in place the following

1) 3% take-up rate of Armada shares in open market to support Armada in future (with the recent sell down of 2+%). PNB and AmanahRaya does not want to participate.

2) Sway public and private perception of Armada's un-resolvable issues as solved or in good standing aka fake news (despite overwhelming evidences to the contrary available on the internet) by deploying foot solders into forum like i3.

However, the analyst are not buying into this bluff and have consistently provided evidences to the contrary.

Now, lets have a look on the highly anticipated Claire case.

"The offer on the table was always 25% of Claire's book value."

We have noted multiple postponements. We have also received information that the entire technical team of the Claire case have left Armada last year. As we are aware, only the solicitors of the case remain.

Which begs the question, why is Armada keep requesting for case postponement?

1) The out of court settlement (offer on the table) is no longer offered?
2) The outcome of the case (after comparing the facts from both parties) are already known?

Is Armada trying to avoid the eventual outcome and salvage something that doesn't exist anymore?

Except for the bankers and UT stooges here, most of you are just simple investors, with simple minds and simple life (no clue on running international company like Armada) and make big things happen.

Nothing wrong with that since nobody's perfect anyway.

Continue with your dreams.

What makes you think even with out PROOFs, Armada is going to execute it correctly? We hold the KEYs and we are not giving it away.

When are the 5G packages going to be rolled out?

Looking forward for the rm18, rm28, and rm38 (rm38 - unlimited data, call and SMS of these 5G packages).

Without our PROOFs of Armada's dire situation, it would be a different story today for Armada.

No one in its Board, Management team and UT would have been able to anticipate URGENT AND IMMEDIATE need for debt restructuring.

If they were left on their own without our PROOFs, by the time they realised it, it would have been too late if it were just started to restructure now.

Without us, Armada would not have undertaken management decision to address its fundamental issues, beef up its team, etc, etc.

As we have predicted, the EPF sell down was a well planned move. Not so fortunate for the EPF contributors in the bigger scheme of things.

Now with 3% uptake, incremental price hikes for Armada only happens when EPF buys in.

However, we'll see how long they can do it.

Adjusted oil price (excl. geopolitical and weak demand) is USD35 per barrel.

Based on the financial review of Armada with the latest addition of the 3 out of 3 GOOD NEWS, it was determined that (basically, nothing has changed from previously!) :-

PROOF – ARMADA REVENUES ARE NOT ENOUGH TO SETTLE DEBT
PROOF - 14.5 YEARS TO FULLY SETTLE DEBT IF REVENUE STABLE FOREVER BUT ITS FIRM IS ONLY UP TO 6.25 YEARS!
PROOF - NOT ENOUGH TO SETTLE INTEREST AND TAXES
PROOF – ARMADA CANNOT GET ANY MORE FINANCING

Armada’s ability to secure new contracts is likely to be 0%

PROOF - Armada has lost the momentum as a major player since 2014.
PROOF - Armada has been without a business development / sales team since 2014.
PROOF – Armada embroiled in various allegations from various countries including EU and INDONESIA.
PROOF – Armada’s strategic direction is uncertain due to controversies with its major shareholder.
PROOF – Armada’s behavior as a contractor has been one of litigation.
PROOF - You cannot bid for contracts if you do not have donor tankers.
PROOF – Armada’s recent FPSO is a lemon.

6.25 years to go or 26 Quarters to go. RM80 million net profit per Quarter optimistic assumption. That means RM2.0 billion in profits.

Rm19.6 billion confirmed sales for next 6.25 years. Actual operations profit from Rm19.6 billion is around Rm8.0 billion. Rm8.0 billion has to pay for everything under the Gross Profit line. And this doesn't include principle debt payments of Rm12.5 billion. Q results don't matter. And when oil industry recovers in 2030, Armada's assets are nearly 20 years old. End of life.

It is enough to pay off the RM13.5 billion debts (excluding interest)?

HOW TO MEET THE RM6 BILLION DEFICIT???

How much ADDITIONAL new revenue is needed for Armada?

=================================
Around RM14 billion in new sales / revenue.
=================================

That is not going to be achievable for Armada since it no longer has the reputation to get new contracts.

So it’s the crunch time now. What are the options available to the shareholders?

1. Take Armada private
2. Sell Armada
3. Dispose assets to continue to try to survive

1. Taking Armada private

Do you think that the main shareholders want to do so when Armada is an endless money pit with gutter reputation? Finance 101, get rid before you incur more losses.

2. Sell Armada

No one is buying Armada in this market until 2030. And the new shareholders have to deal with an incompetent management.

And new owners have to come up with an additional RM5 billion to pay off its debts.!!

3. Dispose assets to continue to survive

Assets are worth nothing as long as the market doesn’t recover until 2030. The asset are still being valued too high. Disposing assets wouldn’t be enough to settle Armada’s debts anyway.

With the review of the latest results, it was exceeding our expectations. Our view is now further reinforced that Armada will default. How much time left before Armada defaults? It would be next year when it defaults.

Despite the enthusiasm on the following: -

Speculated improvement in cash flows - Insufficient in 2020
Speculated settlement on Claire - Circa 25% of the asking compensation by Armada
Speculated award of new contracts - Nil probability
Speculated sale of assets - Highest bidder bidding at 10% of current NBVs

Armada would not be aggressively pursuing debt restructuring negotiations if the above were not in positive light. A highly anticipated default will still happen.

Given that the option to take private, to sell out and sell assets are not viable for Armada, what route will Armada take in such a event? PN17 and administrators will come in for sure.

We expect that Armada will be broken into many pieces. For the FPSOs, it would be taken over by their respective JV partners and other assets will be sold off to the highest bidder.

We expect institutional funds to lose all investments and creditors will not be paid 80% what is owed to them while debtors will be taken to court wherever possible.

As for the main shareholder, they have already clawed back their investments when they part disposed in 2011/12.

Looks like its "ride the train for as far as you can" before it breaks down.

o, with the above still unresolved, what are the plans of the Shareholders? For now, they have no plan as of yet, and hold the stance of what till the "shi.t" happens before acting.

For the time being, they have in place the following

1) 3% take-up rate of Armada shares in open market to support Armada in future (with the recent sell down of 2+%). PNB and AmanahRaya does not want to participate.

2) Sway public and private perception of Armada's un-resolvable issues as solved or in good standing aka fake news (despite overwhelming evidences to the contrary available on the internet) by deploying foot solders into forum like i3.

However, the analyst are not buying into this bluff and have consistently provided evidences to the contrary.

Despite OPECs production cuts for the past 1 year, they have not managed to reduce stockpile. This is not taking into account the sanctions placed on Iran. And the extension of production cuts well into 2020, highlights how frail demand is.

Demand for oil is weak plus US shale oil continues to increase everyday.

A higher oil price this time, since 2014, has not boosted exploration and new contract awards since that time.

Geopolitical events and OPEC cuts gives a adjusted oil price of USD35 per barrel.

An oversight for all markets "weak oil demand = weak consumerism".

What is more important for Armada?

Let investors in i3 to make money

Or

Get banks to continue to support Armada

For the forummer by the name of "investorKING"


==
People just do not seem to remember or just refuse to research the shareholding movement.

There was a point in time, a few years back, when PNB (under Wahid Omar, a staunch supporter of Armada) sold its entire stake in Armada. At that moment too, EPF sold its stake in Armada to below 5%. Yes, they were once not considered a substantial shareholder.

When that happened, Armada was dangerously going to tank in price. Hence, there was a concerted effort to have EPF to up its take by another 3% which is what you have until a month or so ago to support Armada's share price.

But with the debt crisis and the tank in share price to what it is now, EPF could not maintain support for Armada (in the larger scheme of things).

Armada would be in a better off position at 15 sens because it is a risk and threat to the banks if they were not going to support Armada. PN17 is so easy to do and who loses at the end of the day?

The main shareholders have already made monies out of Armada in 2012, what have they got to lose? Nothing. The banks have.

With the new loan, it makes more sense to stay at 15 sens.
==

Thank you for the A team of Armada of the yesteryears in talking to ONGC and winning this project with Sharpooji.

Despite your absence for the last 5+ years, Sharpooji had carried on your fight to win this contract. The entire bidding team was Sharpooji!

Now Shapooji with carry on Armada's legacy. Sharpooji owns, builds and finances its own FPSO. Armada will just provide the footsoldiers to operate it only.

Sharpooji will carry on where Armada has stopped.

Sharpooji will be the next Armada.

Here is a tip.

Some forumers here have access to IB reports. There is a Singapore based IB which covers Armada. This IB in particular, had worked and was intended to the underwriter for Armada's now defunked "Private Trust" plan.

What is interesting about this particular IB is that it had all access to the latest financial details of Armada, our proofs and issues. It was the most upto date and accurate picture of Armada's future.

After they did the review, the private trust plan was scrapped.

The good news is that its sister analyst company used this info for its coverage of Armada. Find out which IB is this. One forummer here mentioned its name twice on their downgrade.

Hint: not DBS, not UOB. :)

So, with the above still unresolved, what are the plans of the Shareholders? For now, they have no plan as of yet, and hold the stance of what till the "shi.t" happens before acting.

For the time being, they have in place the following

1) 3% take-up rate of Armada shares in open market to support Armada in future (with the recent sell down of 2+%). PNB and AmanahRaya does not want to participate.

2) Sway public and private perception of Armada's un-resolvable issues as solved or in good standing aka fake news (despite overwhelming evidences to the contrary available on the internet) by deploying foot solders into forum like i3.

However, the analyst are not buying into this bluff and have consistently provided evidences to the contrary.