The company is taking legal action against the software engineer.It was wasted nearly RM1million and nothing has been done.And now incurring legal fee to claim back the expenses. but look like the chances to get back the money is slim.Very disappointed with the management.

tp RM1.hehe

diversification? the management lost the direction. the company make money because of disposal of property. The net cash position also due to disposal of property in year 2010. I am also in doubt about the property disposal in year 2010. The contract was signed in year 2005 but executed in 2010 with selling price unchanged. The is the wise management decision?

poor results. the profit is from the disposal of property. Poor management. The current cash pile is obtained from the disposal of property few year back.The actual operation profit does not contribute much.

KUALA LUMPUR: Green Ocean Corp Bhd managing director Datuk Frankie Tan See Meng (pix) expects the company, which has been in the red in the last six financial years, to return to the black under his watch, drawing on his expertise of running privately-owned Sawit Raya Sdn Bhd over a few decades.

"You just look at my (company) Sawit Raya, you'll know how (I run a firm) … of course I come in, I've the confidence to turn it (around)," he told reporters after the company's AGM here yesterday.

Filings with the Companies Commission of Malaysia show that Sawit Raya registered a net profit of RM11.15 million for the financial year ended June 30, 2014, a jump of 63.92% compared with RM6.80 million in the previous corresponding period. Tan is founder and director of Sawit Raya, which is in the palm oil trading and refinery activities.

He said however that he has no intention of of embarking on a reverse takeover exercise to inject Sawit Raya into Green Ocean or listing Sawit Raya.

Tan who has been on the board of Green Ocean since October 30, 2013, became MD just two months later. In February this year he forwarded a cash advance of RM7 million at an interest rate of 8% to Green Ocean. In July he acquired a 15.8% stake in the company via a private placement.

Tan however insists that his role in the company is to play a supporting role at the initial stage, when it is cash strapped.

"Green Ocean has its own customers, (but) it doesn't have materials because Green Ocean doesn't have working capital, (so) I have to back it up (and) start it up, then let the company be independent," he said, but declined to commit if he was in it for the long haul.

Ace Market-listed Green Ocean registered a net loss of RM5.52 million for the financial year ended March 31, 2014, mainly due to impairment adjustment made for the fractionation plant and the low production of palm kernel crushing which didn't generate sufficient revenue to cover the fixed manufacturing costs.

For the first quarter ended June 30, its net loss narrowed to RM591,000 from RM1.33 million in the previous corresponding period.

Green Ocean is mainly involved in palm kernel crushing, refining of palm oil, palm kernel oil and production of premium health balanced cooking oil.

When asked if there will be more changes in Green Ocean's boardroom, its CFO Francis Yong said "no confirmation" for the time being.

In July, Green Ocean received shareholders' approval for a share placement representing 30% of the company's issued and paid-up share capital, coupled with the issuance of up to 65.84 million free warrants on the basis of one free warrant for every four ordinary shares held.

It was expected to raise up to RM6.7 million via the placement exercise while the full conversion of warrants into shares would amounted to RM22.39 million.

Green Ocean's share price closed 0.5 sen lower at 18.5 sen yesterday

source:Thesunbiz

back to sleeping zone

coma

sleeping in 90 cents

how far can go?

can sharing the reason why by oct only can reaching 0.25?

sleeping counter