Posted by flyup888 > 2014-11-26 18:50 | Report Abuse

can discuss about negram? why prtasco?

Posted by Abdul Rahim > 2014-11-26 18:57 | Report Abuse

Yes..yes...good idea

Posted by Marina > 2014-11-26 18:58 | Report Abuse

Tapi alice akan datang kacau

Posted by Marina > 2014-11-26 18:59 | Report Abuse

Ok we discuss nexgram
When alice come, just ignore ok

Posted by Marina > 2014-11-26 19:08 | Report Abuse

Tuesday, 11 November 2014


The Edge, KiniBiz and The Star are actively writing about Protasco these days, and one can't blame them. There is a mud-slinging match going on between Tey and Chong, which is always good for some interesting news, that is what people like to read. Finally details (some unconfirmed) have been revealed in these articles, details that should have been revealed by Protasco itself a long time ago.

One important question in all of this is, which party is right?

But at least as important is the question: where is and was the transparency in all of this?

The deal in question started almost two years ago, and the official news as revealed by Protasco has been very, very limited, and most of it very much delayed.

January 2013 I wrote "Protasco's Puzzling Purchase" in which I asked the following questions:

Protasco does not seem to have relevant experience in the notoriously difficult oil and gas industry, why does it want to take so much risk, especially in Indonesia with poor corporate governance?
PT ASI is only a few months old: "PT ASI was incorporated in Indonesia on 6 September 2012 as a private limited company".
PT ASI only has one director who hardly owns any shares. No background of this director is given.
The vendor is 99% owned by Anglo Slavic Petrogas Ltd, a company registered in the British Virgin Islands, no background is given, a search on the internet returns nothing; who is behind this company, what is their track record?
The company structure of PT ASI owning part of PT FAS owning PT Haseba is rather artificial, why is such a difficult construction chosen?
Who are the minority shareholders of PT FAS and PT Haseba?
On the signing of the S&P, Protasco will pay RM 50 million cash, why so much? This is about 30% of the total amount, much higher than normal in comparable deals.
On November 1, 2012 PT ASI signed a S&P agreement to buy an additional 46% of PT FAS. What was the price paid for that stake? Why does Protasco not wait until this deal is panned out?
And further on:
..... the production agreement will expire in 2014 (next year!) and it is not sure if PT Haseba is able to negotiate a new contract, and if so under what conditions. Why buy into a company with so much uncertainty?
"The KST Field was founded in 1972 and operated by PT Pertamina Doh Nad Sumbangut until 1997. Thereafter, in 2004, Pertamina awarded PT Haseba a 10-year PMP Agreement for KST Field.". Why the gap of seven years? Also, this field seems to be pretty old, often yields are not that great in old fields. Why can't Protasco give some production numbers for KST Field?
Why are no preliminary results for 2012 given? At least the half year numbers should be made available? And why are all the financial statements not audited?
What are the results for PT FAS for the last three years?

Most of these questions are now, almost two years later, still never dealt with.

Soon shareholders have to vote in two subsequent EGMs on the directorship of Tey, Ooi and Chong.

But based on what information, if so much is still never revealed?

The winner in the on-going battle will be a bruised winner. And lots of doubt will continue as long as the air is not properly cleared.

The other directors (especially the independent ones) of Protasco also should evaluate the corporate governance standards of the company. A big improvement is urgently needed.

And then there is still another matter. How much of the money paid by Protasco can be recovered? Shares of Indonesia listed PT Inovisi Infracom Tbk were held in trust, but the share price has tanked recently.





Protasco has initiated legal proceedings to reclaim the money, but court cases in Malaysia (when appealed) can easily take ten years to conclude. And in this case two other countries are involved, Indonesia and the British Virgin Isl

Posted by Marina > 2014-11-26 19:09 | Report Abuse

So no worries..next year nexgram can start project
This court case will take years

Posted by Abdul Rahim > 2014-11-26 19:36 | Report Abuse

Tq for the articles.....bravo

Posted by Antz > 2014-11-26 19:36 | Report Abuse

Tpy must mng flm egm...then nexgram akan terbang

Posted by 3abdul > 2014-11-26 19:41 | Report Abuse

Terbang ke langit....
Kikikikikikiki

Posted by Abdul Rahim > 2014-11-26 19:44 | Report Abuse

Kita beli saham NG sebab sendiri yakin masa depan cerah walaupun tidak dalam masa terdekat...memandangkan scenario yg berlaku..penjualan saham oleh pemiliknya mungki n ada agenda tersendiri namun bukan menghancurkan...so perlu tunggu dan simpan untuk jangka masa sekurNg kurangnya tahun baru cina 2015.....pasti beroleh keuntungan berdazarkan harga skg....itu pandangan sy

Posted by 3abdul > 2014-11-26 19:50 | Report Abuse

Bro Abdul Rahim...
Sokong 100%
Beli dan simpan ,ganjaran besar tahun depan

Posted by AliceTey > 2014-11-26 21:09 | Report Abuse

I am back...do you miss me?

It is confirmed, tomorrow TPY and OKA will get the boot. On friday their EGMs will blew in their face badly.

Nexgram? Early next year it overpriced and overvalued share will finally reach it actual value: 0,01.

Before the first quarter the SC will start their investigation on TPY, OKA and nexgram. The SC already make initial contact with the BVI and Indon's authorities.

Posted by 3abdul > 2014-11-26 21:32 | Report Abuse

Hantu sudah mari...,
Kikikikiki

Posted by AliceTey > 2014-11-26 21:34 | Report Abuse

I'm the ghost of karma sent by the universe to save you all LOL LOL..

Posted by joerakmo > 2014-11-26 21:39 | Report Abuse

@Marina; Peruse this for yourselves-
http://www.thestar.com.my/Business/Business-News/2013/04/10/Nextnation-stake-sale-poser-Al-Batha-becomes-substantial-stakeholder-with-office-tower-deal/?style=biz.
You think Al Batha want to do business with Nexgram some more???Why they sell??

Posted by Fam Jenny > 2014-11-26 21:39 | Report Abuse

Alice The,I think you are Optimus,talking rubbish all the time.

Posted by bing > 2014-11-26 21:45 | Report Abuse

Alice are optimus? What the hell?! Sorry to Dato' Chong & all investor Prtasco! Shit lah you 'Alice'

Posted by Fam Jenny > 2014-11-26 21:54 | Report Abuse

The acquisition by Nexgram in exchange for a building in Bangsa values nexgram share price at 30c.Then without renal Nexgram can use it as its office for free.

Posted by 86868 > 2014-11-26 21:56 | Report Abuse

Heard something in the market about NG........he..he..he..

Posted by Fam Jenny > 2014-11-26 21:57 | Report Abuse

Very good move and the project in cyberjaya and putrajaya can sell or rent,another income for nexgram.Where can drop to 1c,really unwise to believe Alice The.

Posted by Abdul Rahim > 2014-11-26 21:57 | Report Abuse

3abdul...apa boleh buat....ok. based on our research...we beliave there is a prospect...are we doing something wrong against any malaysian laws...

Posted by 86868 > 2014-11-26 22:00 | Report Abuse

Fam Jenny,

Can you help to calculate the NTA using the info from Bloomberg below?

http://www.bloomberg.com/quote/NNCB:MK

Posted by Fam Jenny > 2014-11-26 22:19 | Report Abuse

86868,for NTA I don't have enough information but if based on per=25,the market price =25x1.46c=36.5c

Posted by TuaHuat > 2014-11-26 22:20 | Report Abuse

3股東接禁令　富達特大展延今日投票

Wed, 26 Nov 2014 21:25:46 +0800



（吉隆坡26日訊）由於鄭博毅週二取得庭令，禁止3名股東在股東特大（EGM）中投票，逼使富達（PRTASCO，5070，主板建築股）罷免兩名董事的議程，展延至27日（週四）下午3點進行表決。


鄭博毅是兩名將在特大中被罷免的董事之一，他昨日獲庭令限制3名股東，即富達董事經理拿督斯里張吉平、非獨立非執行董事陳興逵和UOBM代理在特大的投票權。

3名股東分別在25日晚上和26日早上接到法院禁令通知。有關股東嘗試委派律師撤銷禁令，但申訴只可在週四上午進行，因此，董事局最終決定將會議延至明日下午進行。

富達今日這場股東特大，由分別持股3013萬2650股，或佔繳足資本8.99%的UOBM代理和持股585萬5900股，或相等于1.75%股權的陳興逵要求召開，主要是要尋求罷免兩名獨立兼非執行董事鄭博毅和黃國安。

張吉平則持有富達21.86%股權。鄭博毅直接和間接持股21.45%，黃國安則持有1.61%股權。而張吉平派系3人沒有投票權將會大大的影響這項議案的結果。

今早的特大在10點準時開始後，董事代表用5分鐘交代特大的目地，及董事成員接獲禁令，需要延遲投票活動後，便邀請小股東們先用餐。然而，小股東們一等就是2個小時，導致下午12點重新開會時火藥味十足。

富達獨立非執行董事陳于文在大會後代表公司向媒體解釋事情的來龍去脈。他指出，有關禁令是由GlobalCapital和KingdomSeeker所提出的申請，主要是阻止張吉平和陳興逵等在26日的股東特大上的投票。陳于文也透露，張吉平的律師今早10點已在高等法院申請解除該禁令。

然而，由于該法官只能在27日早上9點才能夠接見律師，因此，富達董事局最終決定把股東特大延至明天下午。「今早10點和12點這段時間，正是我們的律師在高等法院爭取會見法官。」

他也披露，雖然一些小股東經過幾小時的等待之後有所不滿，但最後依然有高達92%以上的股東投票通過將特大展延至明天3點。

值得注意的是，鄭博毅今早也有出席會議，並在大會中途召開記者會質疑富達管理層延遲這場股東大會的合法性。為了表達不滿，他和黃國安在展延特大的投票結果還沒出爐之前，便離開會場。

較後鄭博毅和黃國安以KingdomSeeker的名義向媒體發文告指出，「展延特大看來是一些被禁止投票股東的個人議程。」

鄭博毅也正在籌備週五的另一場富達股東特大，以尋求罷免張吉平。
富達


Click here to Original Link

Posted by TuaHuat > 2014-11-26 22:21 | Report Abuse

TPY owns 21.45% now. What will happen in next two days?

Posted by Fam Jenny > 2014-11-26 22:24 | Report Abuse

Somebody is buying a lot,who sells,small timers,who buys?bigtimers

Posted by 86868 > 2014-11-26 22:45 | Report Abuse

Thank you......

_______________________________________________________________________

Fam Jenny 86868,for NTA I don't have enough information but if based on per=25,the market price =25x1.46c=36.5c
26/11/2014 22:19

Posted by TuaHuat > 2014-11-26 22:48 | Report Abuse

86868, what have u heard about Nexgram ? Pls share.

Posted by Fam Jenny > 2014-11-26 22:49 | Report Abuse

86868.you are welcomed

Posted by 86868 > 2014-11-26 22:55 | Report Abuse

Tua Huat.......Already answered

--------------------------------------------------------------------------------------------------------
TuaHuat TPY owns 21.45% now. What will happen in next two days?
26/11/2014 22:21

Fam Jenny Somebody is buying a lot,who sells,small timers,who buys?bigtimers
26/11/2014 22:24

Posted by TuaHuat > 2014-11-26 22:57 | Report Abuse

Ok. Wait n see.

Posted by TuaHuat > 2014-11-26 22:57 | Report Abuse

Thanks

Posted by 86868 > 2014-11-26 23:02 | Report Abuse

This could be the reason...

__________________________________________________

Fam Jenny 86868,for NTA I don't have enough information but if based on per=25,the market price =25x1.46c=36.5c

Posted by Abdul Rahim > 2014-11-26 23:07 | Report Abuse

86868....please elaborate...so an ger clear picture what are the reason.....

Posted by 86868 > 2014-11-26 23:13 | Report Abuse

Abdul Rahim....Haiyaa...you still cannot it hah??

--------------------------------------------------------------------------------------------------------------------

TuaHuat TPY owns 21.45% now. What will happen in next two days?
26/11/2014 22:21

Fam Jenny Somebody is buying a lot,who sells,small timers,who buys?bigtimers
26/11/2014 22:24


This could be the reason...

__________________________________________________

Fam Jenny 86868,for NTA I don't have enough information but if based on per=25,the market price =25x1.46c=36.5c

Posted by Abdul Rahim > 2014-11-26 23:20 | Report Abuse

Sorry la bro....tanya sikit aje

Posted by Singkalingam > 2014-11-27 02:32 | Report Abuse

21.86% vs 21.45% + 1.61%

Win liao lo...

Posted by AliceTey > 2014-11-27 05:51 | Report Abuse

@Sing, not win mah...you still have other 56% undecided vote, which TPY and OKA managed to pissed off yesterday.

Posted by AliceTey > 2014-11-27 05:57 | Report Abuse

It is a certainty that TPY and OKA will get the boot today, if not they will not resort to trickery and the injunction. If that's happening, then the 0,01 price as predicted will also happens. Don't come to me and say I didn't warn you.

Posted by AliceTey > 2014-11-27 06:11 | Report Abuse

PROTASCO Bhd’s boardroom battle escalated when Tey Por Yee and Ooi Kock Aun blocked the construction firm’s bid to remove them as directors at its extraordinary general meeting (EGM) yesterday.

An injunction filed before the scheduled EGM prompted Protasco chairman Tan Sri Hadenan A. Jalil to adjourn the morning meeting to the afternoon, and later called for a vote to postpone it. Shareholders subsequently voted to postpone the meeting to 3pm today.

Tey’s lawyers had served the injunction against the company, executive vice-chairman and group managing director Datuk Seri Chong Ket Pen and director Tan Heng Kui.

The injunction, filed at the Kuala Lumpur High Court, was to prevent Chong, who owns 22.4 per cent of Protasco, and Heng Kui, who owns 1.7 per cent, from voting on the resolution to remove the duo.

“The company’s lawyers will seek to set aside the injunction at 9am (on Thursday),” said another director, Tan Yee Boon, after the six-hour meeting yesterday.

However, he declined to speculate on the company’s next move should it fail to dismiss the injunction.

Tey and Ooi, meanwhile, walked out of the EGM before the vote on the adjournment was cast.

They claimed that the adjournment was “illegal” as it contravened with the company’s Articles of Association.

“We were advised by our lawyers to walk out because of the illegality of the meeting and there was no point in proceeding,” Tey said on the sidelines of the EGM.

Yee Boon defended Hadenan’s decision to adjourn the meeting, saying that shareholders did not say anything when consulted.

Meanwhile, UOBM Nominees (Tempatan) shareholder representative David Thomas Mathews said the EGM would make no sense if the substantial shareholders were not allowed to vote.

Chong and Heng Kui had requisitioned yesterday’s EGM for shareholders to vote on the resolution to remove Tey and Ooi.

In return, Tey and Ooi had requisitioned another EGM tomorrow to oust Chong from the board.

The face-off between Tey-Ooi and Chong- Protasco stemmed from a failed deal in Indonesia.

Protasco had in September filed a suit against Indonesia’s oil and gas firm PT Anglo Slavic Utama to recover US$27 million (RM90.45 million) in monies paid, and against Tey and Ooi for conspiracy to defraud, hiding their beneficial interests in PT ASU, making secret profits and breach of their fiduciary and statutory duties.

Protasco had attempted to buy a 63 per cent stake in PT Anglo Slavic Indonesia but the deal was terminated after the fraud was allegedly discovered.

In return, Tey filed a derivative action against six board members of RS Maha Niaga Sdn Bhd, including Chong, to recover RM10 million for Protasco.

Posted by AliceTey > 2014-11-27 06:19 | Report Abuse

TPY and OKA will not cast their vote today....so what's good that 21% + 1,6% shares? LOL

If they cast vote then the acknowledged the legality of yesterday's vote. If the didn't vote then their fate is signed, sealed and delivered.

Posted by Abdul Rahim > 2014-11-27 06:38 | Report Abuse

Good morning...ejsaham,bing,singkalingam,bjcorp,steve,marina..86868...^.hoping in the coming days be better for us....1 malaysia maaa

Posted by AliceTey > 2014-11-27 06:47 | Report Abuse

A classic case of: telan mati mak, luah mati bapak. LOL

Posted by TuaHuat > 2014-11-27 07:19 | Report Abuse

Can TPY n Chong shake hands eventually ?

Posted by AliceTey > 2014-11-27 07:23 | Report Abuse

That would only possible if TPY return Protasco's money.

Posted by 86868 > 2014-11-27 07:42 | Report Abuse

WOW...NG MARKET VALUE IS 0.365.....

SAD...PROTASCO LOSS RM 69 MILLION-NTA 1.07-OVERPRICE

NG INVESTORS ---YOU ARE RICH !!!!!

BIG BOYS ACCUMULATE...

FOLLOW!!!!!!
_______________________________________________________


Posted by 86868 > Nov 26, 2014 10:00 PM | Report Abuse X

Fam Jenny,

Can you help to calculate the NTA using the info from Bloomberg below?

http://www.bloomberg.com/quote/NNCB:MK


Fam Jenny
3352 posts
Posted by Fam Jenny > Nov 26, 2014 10:19 PM | Report Abuse

86868,for NTA I don't have enough information but if based on per=25,the market price =25x1.46c=36.5c

Posted by Singkalingam > 2014-11-27 07:55 | Report Abuse

Ok la...today buy in more 4000 lots

Posted by AliceTey > 2014-11-27 08:12 | Report Abuse

Tey Por Yee and Ooi Kock Aun should remember: in the end, you have to leave everything behind because there are no pockets in kainn kapan (funeral shrouds).

Posted by AliceTey > 2014-11-27 08:17 | Report Abuse

Poor souls.....I would be sad when all of you lose your money because nexgram reach 0,01.

Posted by ssboy > 2014-11-27 08:31 | Report Abuse

Hahahaha...will reach 0.01....need to prepare jual ikan masin liao.....