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SERSOL Mohamed Ridzuan's Appointment As Sersol MD Fuels Speculation Of Takeover
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Mohamed Ridzuan's Appointment As Sersol MD Fuels Speculation Of TakeoverBy Mohd Iswandi Kasan Anuar[/color]
KUALA LUMPUR, Sept 2 (Bernama) -- Mohamed Ridzuan Nor Md, who has been appointed the new managing director of Sersol Bhd, is keeping mum on talks in the market that he is taking over the company.

Sources said that Mohamed Ridzuan was on the verge of buying a controlling stake in the company and this gained traction following an announcement on Bursa Malaysia that he replaced Tan Fie Ping as group managing director of the listed paint maker.

When contacted by Bernama on Monday, Mohamed Ridzuan said: "Let me settle in first at Sersol. I am unwilling to comment on speculation.

"The business is there. The potential is there. We are in a sector which is growing by the year. What I intend to bring to Sersol is the will to go the extra mile," he said.

He estimated the Malaysian paint industry to be worth between RM1.5 billion and RM2 billion a year.

Sersol is the only public listed company on Bursa Malaysia whose core business is in the conventional paint sector.

"I will be hitting 35 years soon. I think it's the right time for me to come to the forefront," Mohamed Ridzuan said.

He said that he had read foreign research reports on Sersol such as the one from SADIF-Investment Analytics SA and even though it had upgraded the stock, the underlying tone of the report was that the management needed improvement.

According to the latest filings on Bursa Malaysia, Tan was listed as Sersol's alpha shareholder, owning 35 per cent of the company.

Tan has been a net seller of Sersol shares recently. Since May, Johor-based Tan has disposed of more than five per cent or 20 million Sersol shares in the open market based on Bursa Malaysia filings.

Sersol is the country's second best performing stock, after Hong Leong Capital Bhd.

Commenting on Mohamed Ridzuan's move into the company, Mercury Securities head of research Edmund Tham, said: "Nothing he has done in the past, seems to indicate that he will take up an appointment just for the sake of being appointed. He moves into a company when the prices are low, and has a knack of selling at the best price."

Bursa Malaysia's website shows that Mohamed Ridzuan is the co-founder of Petrol One Resources Bhd, the first listed oil and gas storage provider in the country. He exited from Petrol One some two years ago.

Since 2011, Mohamed Ridzuan has been the executive director of public listed Cworks Systems Bhd, owning 12.7 per cent of the computerised maintenance management system specialist.

-- BERNAMA

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Stock: [MQTECH]: MQ TECHNOLOGY BHD

2013-08-29 14:46 | Report Abuse

STRONG RECOMMENDATION TO BUY NOW THAN LATER......

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Stock: [MQTECH]: MQ TECHNOLOGY BHD

2013-08-29 14:42 | Report Abuse

quarter result coming......

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Stock: [MQTECH]: MQ TECHNOLOGY BHD

2013-08-29 09:28 | Report Abuse

'MQ Tech close to seal takeover deal with Jet Line'

KUALA LUMPUR: Penang-based MQ Technologies Bhd is close to inking a deal with Jet Line International (M) Sdn Bhd, which will result in a reverse takeover of the listed company, said people with knowledge of the deal.

Business Times was told that RHB Investment Bank Bhd is working on the financial structure of the deal, which may result in MQ Tech issuing irredeemable convertible unsecured loan stocks (ICULS) to vendors of Jet Line.

ICULS are securities that can be used to buy underlying common shares. It is similar to a warrant except that it is subject to the conversion ratio, which means ICULS provide the benefits of a bond until it is converted into equity.

"The amount of ICULS that will be issued and the pricing of the ICULS will be determined by a due diligence. RHB is sending a team to look at MQ Tech's books and operations in Penang next week," said a source.

The MQ Tech board is expected to meet today. The company has scheduled a signing ceremony with Jet Line in Penang today.

It is understood that the agreement has more to do with the technical and operations side of the business and comprehensive plan on the corporate makeover will only be announced at a latter stage.

The privately-held Jet Line is part of the United Arab Emirates-based Jet Line International Ltd family.

The Malaysian branch last year bought over a US jet maker for RM1.1 billion, the media reported in March.

Business Times was told that the jet maker concerned is SyberJet Aircraft, a company which was once 80 per cent-owned by Emirates Investment and Development Corp. SyberJet manufactures the world's fastest and longest range light business jets - The SJ30.

Jet Line plans to fabricate and manufacture jet planes from its proposed base in Subang.

The private company's interest in MQ Tech is based on the Penang firm's moulding and fabrication expertise.

As such, the tie-up between MQ Tech and Jet Line can be structured along the lines of the Singapore Aerospace Manufacturing Pte Ltd and LKT International Bhd deal. LKT has been remodeled to SAM Engineering and Equipment Bhd.

Jet Line in a letter to MQ Tech states it is the only company in Malaysia with licence from Miti to manufacture, fabricate and assemble aircraft .

Read more: 'MQ Tech close to seal takeover deal with Jet Line' http://www.btimes.com.my/Current_News/BTIMES/articles/mqmq/Article/#ixzz2dJjG8rU3

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Stock: [MQTECH]: MQ TECHNOLOGY BHD

2013-08-28 14:30 | Report Abuse

stock down becoz us suddenly appear with threat to attack syria....
if not it should not have gone down this much

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Stock: [MQTECH]: MQ TECHNOLOGY BHD

2013-08-27 13:40 | Report Abuse

should be this week

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Stock: [MQTECH]: MQ TECHNOLOGY BHD

2013-08-26 12:22 | Report Abuse

WAIT FOR THE QUARTER RESULTS TO COME OUT ANYTIME IN THIS WEEK

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Stock: [MQTECH]: MQ TECHNOLOGY BHD

2013-08-23 16:12 | Report Abuse

Kindly read the MQTech previous quarter financial statement and you will find out the follows:
1) Strong balance sheet – Total Current Assets worth RM35million!
2) Strong cash and cash equivalents carried forward – RM9 million!
3) No bad debts and doubtful debts at all!
4) Machines have already been depreciated last year, so very minimal depreciation cost!
5) The company has already revised and implementing measures of cost saving since April 2013 till now!
6) It’s is still cheap and should be valued at RM0.49 cents at least!
Read and understand the financial statement

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