kalau kawin sama ironman jadi iron lady

SUMATEC GO GO GO! UP UP UP!

In this forum, anybody can presume their own honorary title regardless of creed, race or political affiliation. Just follow Tiang Seri Latok Dr. Ah Yam. Put money and shut your eyes when the price goes down.

Joshua, Read the morning speech by Tan Sri Roy. It will answer your question.

SUMATEC GO GO GO! UP UP UP!

SUMATEC GO GO GO! UP UP UP!

SUMATEC GO GO GO! UP UP UP!

SUMATEC GO GO GO! UP UP UP!

SUMATEC GO GO GO! UP UP UP! YOU CAN DO IT!!

SUMATEC GO GO GO! UP UP UP!

SUMATEC GO GO GO! UP UP UP!

fuh fuh fuhh..kasi tiup mr roy pergi main jauh jauh..hehehe

sumatec up up up! fuhh fuuh fuuuhhhh!

sumatec go go go! up up up!

sumatec go go go! up up up!

no news

sumatec up up up! go go go!

Sorry dragonslayer. I'm one of the guilty ones (jumping queue).

Good morning and good luck everybody!

http://www.bursamalaysia.com/market/listed-companies/company-announcements/4843793

Reference is made to the previous announcements in relation to the above matter. For consistency, the abbreviations used throughout this announcement are the same as those in the previous announcements.

M&A Securities Sdn Bhd, on behalf of the Company, is pleased to inform that Bank Negara Malaysia (“BNM”) had vide its letter dated 24 August 2015, resolved to approve the following:-

(a) Payment for the total amount of USD127.4 million to Dr Murat Safin for the Proposed Acquisition; and
(b) Remittance of funds amounting to USD124.9 million to Buzachi Neft as foreign currency lending in stages within thirty six (36) months from the date of the Rights Shares.

(collectively, the “BNM Approvals”)

The BNM Approvals are subject to the following condition imposed by BNM:-

(a) Sumatec, M&A Securities and Abu Talib bin Abdul Rahman signing and executing the statutory declarations relating to inter-alia the accuracy of information submitted to BNM;

(b) In the event that the:-

(i) Proposed Acquisition is aborted; or
(ii) the funds are not utilised in accordance with the BNM Approvals,

Sumatec is required to dispose its investments in Borneo Energy and to repatriate all such proceeds to Malaysia. The subsequent utilisation of these proceeds for purposes of foreign investments must obtain prior approval from BNM. Sumatec is also required to inform BNM on the termination of any proposed foreign investments, if any;

(c) Sumatec is required to repatriate back to Malaysia the following:-

(i) Dividend proceeds from its investments in the Rakuschenoye Oil and Gas Field, no later than 2017;
(ii) Dividend proceeds from the Proposed Acquisition, no later than 2021;
(iii) Funds from the loan repayment by Buzachi Neft relating to the loan to be granted by Sumatec, no later than 2019; and
(iv) The disposal proceeds of all foreign investments, including its investments in Borneo Energy, Buzachi Neft and the Rakuschenoye Oil and Gas Field once these investments are disposed. Any foreign investment proposals using such funds shall obtain the prior approval of BNM.

(d) Sumatec seeking the approval of BNM prior to any changes to the BNM Approvals, including changes to the schedule of disbursement of the investment funds and the subsequent direct payments to the third party by Sumatec or its advisors, if applicable. The disbursement schedule is required to be submitted to BNM within seven (7) working days after it has been finalised; and

(e) Sumatec is required to provide a status report on its investments in Borneo Energy and Buzachi Neft from time to time, including submitting relevant reports and annual audited financial statements of these companies or any other documents related to the investments and the companies as requested by BNM.

The BNM Approvals shall be cancelled in the event Sumatec does not comply with any conditions imposed by BNM. Legal action may be taken against Sumatec if it does not comply with the terms of the relevant approvals granted, including the failure to utilise these funds for their intended purposes or any regulation under the Foreign Exchange Administration Rules.

If Sumatec enters into any hedging contracts to manage its foreign currency exposure, foreign investment and lending risks, the said hedging contract shall be:-

(a) undertaken only with a licensed local bank (either with commercial banks, investment banks onshore or Islamic bank other than the International Islamic Bank ); and

(b) Cancelled by Sumatec when the investment or the loan has been cancelled, terminated or settled in full.


This announcement is dated 25 August 2015.

You're right Dragonslayer. The cash flow is definitely a concern, more so as the oil price is low. But they are surviving somehow. I did ask the CEO and CFO after the AGM on how they are dealing with the cash flow. They said that the cash flow is coming from oil sales and "other sources". I have a strong suspicion that the major shareholder (Halim) has been pumping in funds to keep the company afloat. That's probably what they meant by "other sources". If Halim is indeed doing that, it definitely means that he genuinely cares about the company.

I just started following Sumatec because I think it's an interesting counter. Despite Halim Saad being the major shareholder and the negative sentiment the general public has on him, the counter has interesting fundamentals. It has high trading volume, it's showing profit, the assets are good, the management seems very professional. I met them about 2 months ago (I followed my friend to the AGM) and they are given quite some freedom in managing the company. I actually thought that Halim Saad would control and run everything, but to the contrary Halim is giving the freehand for them to run the business professionally. The team have so much energy and positivity, it was contagious (at least I felt that way). They seem to know what they're doing. I'm not trying to sell a good story. I'm still contemplating to buy Sumatec shares. I should have bought it at 10 - 11 sen. I just hope tomorrow will not be too late. Cheers.

Once the book closure date has been announced, they have to complete the RI within 33 market days, not 6 months.

The RI cannot be done below par value, which is 14 sen. I have a feeling they will push it up before announcing the book closure date.

The BNM approval has already been obtained. It was announced on Tuesday.

RI already approved by bursa a few months back. The BNM approval is for the overseas asset (oil field) acquisition. That was the last piece of approval required.

go go go!!

nope

hahahaha..we'll see

keep it up buddy. i really hope the price goes up to 0.20 by end of the week, and perhaps 0.50 by end of september.

hahahaha..i admire simon333's enthusiasm!

I just read the BNM approval for Sumatec. In short, BNM is putting a condition that the profits/dividends must be brought back to Malaysia. If this is BNM's main condition, why did 1MDB say that they will have problems with BNM if they want to bring back their money? Bunch of dirty liars.

Tunjuk profit pun share price tak naik.

BNM probably too busy with other urgent matters

Another flat day for suma.

Dont know what to believe. I'm just gonna wait and see.

If the previous trends are any indication at all, the price would not start running until one and a half months from now, assuming we receive the EGM notice within this or next week.

I checked the price historicals as far as the previous regularization exercise, the price only started running up after the shareholders' approval at the EGM.

this chatroom would so quiet without chucky and commander cobra

ericB6B, make so much money. Buy sega. Let's play king of fighters.

ericB6B, mai shiranui..bouncing b**bs..

"ericB6B sapkenc sumatec = sumo wrestler = E Honda (Street Fighter)
04/08/2014 11:29

sapkenc u must be 35 ++years old"

ericB6B, you're right..congratulations

sumatec = sumo wrestler = E Honda (Street Fighter)

sum summ summ sumo wrestlerrr!!! yeahhhh!!

hhakim, which one is better, buy oil reserves or buy exploration block?

Tahi punya counter. Satu hari rugi banyak betul despite the supposedly good news.

williamtab9108, i tried pushing the stock down by agreeing with hhakim but doesnt seem to be working! haha..price staying strong..i was hoping to buy if price goes down to 23-24 sen

I agree with hhakim. All other oil-producing countries are corrupted. Malaysia is of the very few countries that are not corrupted. That's why big companies like shell, exxon, etc, like to do business in malaysia.

Petronas and other Malaysian o&g companies (sapura kencana, dialog, etc) are clean and not corrupted. That's why they just want to focus on producing as much as possible from marginal fields in Malaysia. That way, risks of Malaysian o&g companies are protected by petronas via the risk service contract. Malaysian risk service contract companies are paid by petronas for the services/ contract provided to petronas. So no risk problem linked to dry well, etc. Profit is already made from the service/contract fee. The oil is just bonus. There's no risk of losing a single cent.