Sama sama same modus operandi with Kanger Fund raising via Rights issue, ESOS and PP Shares issuance for asset acquisition Followed by Shares Consolidation !!!
Many loyal supporters caught with pants down Master stroke corporate exercises by Steve Quah???
Kuah Choon Ching, a Malaysian aged 36, was appointed as a director of Kanger International Berhad on 24 August 2020 and is also the Managing Director of CCK Petroleum Group.
Acquisition of 175,000 ordinary shares in CCK Petroleum Sdn Bhd ("CCKSB"), representing 35.0% equity interest in CCKSB from Kuah Choon Ching for a purchase consideration of RM26,250,000 to be satisfied via a combination of RM16,170,000 in cash and RM10,080,000 via the issuance of 23,441,860 new Techfast Shares at an issue price of RM0.43 per Techfast Share. 24 Mar 2021
Ceased to be substantial shareholder due to disposal of 15,302,325 ordinary shares via open market transaction. 18 Oct 2021
In the proposed acquisition, Fast Energy will acquire 175,000 ordinary shares, representing 35.0% equity interest in CCKSB, from CCKSB shareholder Mohd Faizul bin Nasir for a purchase consideration of MYR 28,000,000.
This amount is to be satisfied via a combination of MYR 23,972,660 in cash and MYR 4,027,340 via the issuance of 11,800,000 new ordinary shares in Fast Energy after the completion of the Proposed Share Consolidation at an issue price of MYR 0.3413 per Fast Energy Share.
Upon completion of the proposed acquisition, Fast Energy will hold 70% equity interest in CCKSB and accordingly, CCKSB will become a subsidiary company of Fast Energy.
The proposed acquisition is to consolidate profits generated by CCKSB into Fast Energy, and the acquisition of additional equity interest in CCKSB is expected to allow the Group to recognise a higher percentage of PAT (profits after taxation) from CCKSB, explains Fast Energy.
The Proposed Acquisition would also increase the earnings of Fast Energy Group moving forward, premised on the Profit Guarantee provided by the vendor, Mohd Faizul bin Nasir, to Fast Energy for a period of one financial year up to the FYE 31 December 2023, of which the total profit attributable to Fast Energy is MYR 1,750,000 pursuant to the Proposed Acquisition as well as the future prospects of CCKSB.
CCKSB’s revenue is primarily contributed from the trading of marine fuel and adopts an asset-light business model whereby CCKSB does not own any vessels and instead relies on its suppliers’ vessels to deliver petroleum products directly to its customers.
Its business network enables the company to supply marine fuels to customers with marine operations in or that are transiting major ports in Malaysia in particular the Johor Port, Penang Port and Port Klang areas.
nasilemak5, I assume u are the internal people of Fast. Fast is considered ok?
1. New low at 0.045 yesterday. 2. Private Placement multiple times. 3. Money left hand to right hand to CCK Petroleum which is Steven Kuah company. 4. After Private Placement, Steven Kuah will transfer the money out to CCK Petroleum. 5. After that , share consolidated, push the price up to get ready for next round of goreng.
Fast old directors sold the company to Steven Kuah and the gang already. This company is purely goreng counter. Once Steven Kuah got sufficient money already, this company will be abandoned.
This is very normal to manipulate the stock price in Malaysia. But the way of doing it by MD Tan Wye Chuan & Steven Kuah is very greedy & unethical.
We can see the same mechanism applied by them on Fast & Kanger. Those long-term investors from last time who bought at 0.40 & above experiencing big losses. This kind of practice is very unethical. You also have children and please do some good things & give good example to your children.
What you should know about FAST (KLSE: 0084) before investing?
As a long-time follower for the company, I noticed that there is a lack of confidence by investors as displayed in the recent subscription results in their rights issue. Most people would think this is the end for FAST, but in reality, there is something hidden that you must know about the rights issuance.
Out of the 810.17 million rights shares with warrants available, it would seem like only 174.39 million of it were subscribed. But if you were to look closer on the rights issue announcement, majority of the investors who opted in for the subscription had actually DOUBLED their subscription count.
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This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
khpwwl
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Posted by khpwwl > 2022-05-23 15:33 | Report Abuse
someone throw, someone grab