Posted by BC475654 > 2013-04-27 20:28 | Report Abuse

The old board was irresponsible to announced a 100% dividend policy without due consideration of the accumulated losses amounting to 24 mil.A shameful act out of desperation to fish for vote to be in the board.
Moving forward,the new board is cleaning up what are necessary to keep the co in order.

1)Reduced the par value from RM 1 to 50 sen (paid up capital reduced by half to 21 mil

2)To use the share premium account to partially offset the accumulated loss from 24 mil to 416k.

3)To pay dividend only after setting aside profit for reinvestment to add value to co.

To the new board members,well done and keep up with the good work.

Posted by benhctan > 2013-04-28 12:21 | Report Abuse

The old board are very responsible and are pioneers of the company who know the business best.

For the financial year ended Aug 31, 2012, the company raked in a net profit of RM3.78 million against a revenue of RM56.07 million. A year ago, the company made a net profit of RM2.7 million on a revenue of RM49.48 million.

Bright Packaging is also debt-free, with a net cash balance of RM19.94 million as at Aug 31, 2012 while net assets per share stood at 62 sen.

The RM24,808,337 loss in question is amount owing by related subsidiary Photon Technologies (M) Sdn Bhd and was allowed impairment into the account.

The company owns two freehold sites with a combined area of 136,998 sq ft within the Subang Hi-Tech Industrial Park with a net book value of RM10.22 million. The company’s headquarters and factories are located here.

Do you know that the former chairman Wong Yet Long provided interest-free advances of RM8.6 million to help Bright Packaging during its tight cash flow in 2004?

Its current assets stood at RM31.2 million with cash and bank balances of RM21.3 million, and total current liabilities of RM13.9 million, which include RM10.8 million owing to related parties.

Even after settling all the current liabilities and the proposed first and final dividend of 8%(TE)RM3.5 million, the company will still be in a net cash position of RM13.8 million, which is surely more than sufficient to fund its operation

It is just shameful for the new board to outright pissed off present stakeholders and investors by not paying dividend for next five years.

The new board are just front runners for political masters to accumulate their war chest for the next election in five years time.

Beware that the new board will claim higher directors salary and allowance.Is this going to be will be well done and keep it up?

The previous board did not implement a share buyback scheme to fend off corporate sharks eyeing on this small RM1.00 paid-up company.
Nowadays RM1.00 paid up companies are going extinct.