KUALA LUMPUR (Oct 23): The Minority Shareholder Watchdog Group (MSWG) is not convinced by China-based XingHe Holdings Bhd's justification for its proposal to raise cash proceeds of between RM11.95 million and RM17.97 million via a private placement exercise, with which it is contemplating to fund its new business venture into tuna and related marine food processing business. In particular, MSWG raised an eyebrow at XingHe's explanation to issue up to 352.28 million of new shares and raise the said cash "in a relatively [expeditious] manner and without incurring interest expenses associated with bank borrowings". Instead of resorting to the stake-dilutive private placement exercise, the watchdog group said XingHe's board of directors "should consider making full use of the company's existing cash pile of RM259.6 million (as at end-June) before opting for cash raising exercise via private placement at the cost of the shareholders". http://www.theedgemarkets.com/article/mswg-not-convinced-xinghes-justification-private-placement-bid
From 2017Q3pdf, cash and bank balances of 269,756,000mil., without debt, just can't understands why it's price 5---6 cents. Hopefully fund managers will help to comment.Thanks.
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Jmz88
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Posted by Jmz88 > 2017-11-16 16:37 | Report Abuse
cimb platform.. cannot see any news related to xinghe