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19 comment(s). Last comment by Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$â¬Â£Â¥ 2022-12-16 17:32
Posted by Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$â¬Â£Â¥ > 2022-12-16 17:32 | Report Abuse
calvintaneng
56,049 posts
Posted by calvintaneng > 2022-12-15 00:30 | Report Abuse
And these are the warning red flags on KGB
1. KGB committed to complete Sarawak Construction project by End December 2022 worth Rm420 Millions
See
https://www.thestar.com.my/business/business-news/2021/09/14/kelington-bags-rm420mil-construction-job-in-sarawak
So far no sign of payment except got Rm530 Million Receivables (IOU) in balance sheet
Why KGB not get payment yet?
Is it due to incompletion by cost over runs
CEMENT PRICES UP BY 15% IN EARLY
NOW ANOTHER 15% HIKE IN CEMENT PRICES
HOW TO SURVIVE 30% CEMENT PRICE HIKE IN ONE YEAR?
See
https://www.edgeprop.my/content/1904606/construction-groups-want-govt-probe-latest-cement-price-increase?wref=edgemarkets
Another Red Flag
Since KGB got no payment IT GONE TO BORROW MORE MONEY
Refer KGB balance sheet
Short term loan jumped from Rm29 millions to Rm152 Million or Up by Rm123 Millions
Matter of time due to High Construction cost KGB will go insolvent & later bankruptcy
BETTER SELL KGB
SITTING TIME DEBT BOMB OF CONSTRUCTION OVER RUNS, IOUS & HIGHER DEBT LOAD
GET OUT NOW!
SELL ALL KGB
SELL ALL KGB WB FAR OUT OF MONEY!