Posted by excelyou > 2017-03-01 14:20 | Report Abuse

The Board of Directors of Kelington wishes to announce that on 28 February 2017 Kelington Technologies Sdn. Bhd. (Company No.: 562280-U”) (“KTSB”), a wholly owned subsidiary of Kelington served a Notice of Adjudication to Biocon Sdn. Bhd. (Company No. 930330-U) (“Biocon”) in accordance with Section 7 and 8 of Construction Industry Payment & Adjudication Act 2012 (“CIPAA”) to seek following reliefs or remedies from Biocon:-


Payment amounting to RM5,027,062.04 (inclusive of interest and Goods and Service Tax (“GST”)) being the outstanding payment due to KTSB;

Interest on the unpaid amounts from the date of payment was due to the date full payment is received; and

All cost incurred by KTSB in referring the dispute to adjudication, including but not limited to KTSB’s claim consultant’s cost, the registration and administrative fee of Kuala Lumpur Regional Centre of Arbitration, and the adjudicator’s fee.



On 16 July 2013, KTSB was appointed by Biocon as the Contractor pursuant to three (3) Purchase Orders under reference numbers BSDN/PROJ/SV/1300063, BSDN/PROJ/SV/1300064, BSDN/PROJ/SV/1300065 dated 16th July 2013 (“Contract”) for the supply and installation of specialty gas system, clean piping and stainless steel piping work for the Biocon’s factory in Nusajaya, Johor (“Works”). The Works were completed on 4th December 2015.


On 22 December 2016, KTSB served a Payment Claim to Biocon in accordance with Section 5 of CIPAA for the sum of RM6,183,648.07 (inclusive of interest) as Biocon had failed to make payment to KTSB.


On 12 January 2017, Biocon made a partial payment of RM1,342,022.00 (exclusive of interest and GST) to KTSB.


The Board of Directors is of the view that the adjudication proceeding is not expected to have any significant operational impact on Kelington Group for the financial year ending 31 December 2017.

Depending on the outcome of the adjudication, any recovery of the claimed sum will have positive impact on the Company’s earnings and net assets for the financial years ending 31 December 2017.


The Company will make the necessary announcement on further development of this matter in due course.


The announcement is dated 28 February 2017.

CONCLUSION:
AT LEAST RM1.3 MILLION BAD DEBT RECOVERED IN 1ST QUARTER 2017.

Posted by Nikmon > 2017-03-01 14:31 | Report Abuse

now wonder the profit margin drop significantly and making lose in 2015, what would be the main reason on the huge amount of bad debt, based on the announcement, as at today there are total 12 million pending to recover. Never do background check on client or sub contractor........

Posted by bobby159753 > 2017-03-01 17:50 | Report Abuse

See many legal cases , will drain the resources and create bad reputation in the industry

Posted by bobby159753 > 2017-03-01 17:52 | Report Abuse

Not necessary , may be the problem during execution of project go terribly wrong. Generally an engineering company with very weak project management . Not a good sign

Posted by bobby159753 > 2017-03-01 17:53 | Report Abuse

LTAT is unloading big time ????tsk tsk tsk

Posted by bobby159753 > 2017-03-01 17:54 | Report Abuse

So many bad debt don't know got make provision or not ???

Posted by excelyou > 2017-03-01 19:00 | Report Abuse

Litigation on debtors not able to settle debts. Provision made since 2015 and 2016 once defaulted.

Posted by Nikmon > 2017-03-02 12:51 | Report Abuse

to break 45cent need strong push factors...waiting for good news

Posted by LilyLL > 2017-03-02 20:36 | Report Abuse

Today close 0.430 2moro up 0.445 - 450 hold tight

Posted by Nikmon > 2017-03-02 22:09 | Report Abuse

yeah, the engine may start at second session.

Posted by excelyou > 2017-03-02 22:32 | Report Abuse

Year 2016
Revenue increase from:
1Quarter RM78 million
2Quarter RM94 million
3Quarter RM61 million (normally low in 3Q)
4Quarter RM106 million

Earning grow from :
1Quarter RM257K
2Quarter RM1,839K
3Quarter RM2,020K
4Quarter RM4,575K

Latest earning per share 2.08 cents.

If projected same earning per share (assume no grow in earnings) coming 3 quarters , 8.32 cents.

10 PE: RM0.83
12 PE: RM0.99
15 PE: RM1.25

Posted by bobby159753 > 2017-03-03 03:30 | Report Abuse

So easy ? Then no need to kena so many legal case already

Posted by excelyou > 2017-03-03 08:00 | Report Abuse

Above results are after provision of those debts.

Posted by bobby159753 > 2017-03-04 07:02 | Report Abuse

Sure bor ? More and more court cases are not reported earlier ? Like the Bio Con case ?

Posted by bobby159753 > 2017-03-04 07:04 | Report Abuse

The thinnering of dividend also is a very bad sign that company is not doing well at all. Securing big projects at very Low margin . All these projects can enter into legal disputes easily. Not a good sign at all

Posted by Nikmon > 2017-03-05 12:29 | Report Abuse

CEO expecting a double digit growth in 2017!!!! Refer The Edge for full article.

Posted by bobby159753 > 2017-03-05 14:12 | Report Abuse

Double digit growth on revenue ? Just any secure projects at Low margin can already. Later a lot of legal case with client and subcontractors

Posted by bobby159753 > 2017-03-05 14:13 | Report Abuse

Precisely this is what is happening now

Posted by Nikmon > 2017-03-05 14:28 | Report Abuse

all your question were answer in that article, please read that before posting more new questions here...

Posted by bracoli > 2017-03-05 15:58 | Report Abuse

nikmon which date is theEdge on kgb article? can share the link?

Posted by bracoli > 2017-03-05 15:58 | Report Abuse

CAN U SHARE THE ARTICLE HERE ?

Nikmon CEO expecting a double digit growth in 2017!!!! Refer The Edge for full article.
05/03/2017 12:29

Posted by Nikmon > 2017-03-05 16:52 | Report Abuse

You invest every single send into market until can't afford buy yourself a copy....lol

Posted by bobby159753 > 2017-03-05 17:14 | Report Abuse

Winning projects at Super Low margin to drive growth ? And ended with many legal case with clients and subcontractors

Posted by excelyou > 2017-03-05 18:35 | Report Abuse

Nikmon

CEO expecting a double digit growth in 2017!!!! Refer The Edge for full article.
05/03/2017 12:29

HUAT..

Posted by bobby159753 > 2017-03-05 22:44 | Report Abuse

i don't know how they account for the Biocon 5 million ringgit ? Where is the impairment for this loss ?

Posted by bobby159753 > 2017-03-05 22:57 | Report Abuse

Kelington Group growing at a considerable rate
By The Editor / TheEdge | April 18, 2012 : 6:55 AM MYT
Printer-friendly versionSend by emailPDF version
Translated by Google Translator:
Select Language​▼
Kelington Group Bhd(April 17, 86 sen)Not rated with a target price of RM1.20: We like Kelington Group Bhd due to its good business model, strong balance sheet, growth in sales and earnings, positive free cash flow, attractive valuations and potentially higher dividend payments

Posted by bobby159753 > 2017-03-05 22:58 | Report Abuse

This is the comment by edge in 2012. U trust their analysis ?

Posted by Nikmon > 2017-03-05 23:19 | Report Abuse

you should not trust any analysis, but use it as reference...what is your intention if you are not interest in thus company?

quite surprise they(the Edge) got it right, it does worth 1.20 now if you consider the bonus issues!!

Posted by Nikmon > 2017-03-05 23:24 | Report Abuse

@bobby159753 is the current price not affordable for you?

Posted by bracoli > 2017-03-05 23:26 | Report Abuse

today where got theEdge.. its sunday leh..

Posted by Nikmon > 2017-03-06 01:10 | Report Abuse

@bracoli, you can ask your parent buy you a copy at 7 eleven. only RM5....

Posted by bracoli > 2017-03-06 08:45 | Report Abuse

u wan to ask ppl buy must talk with facts ma.. solely rely on theEdge.. when asked u to show us the Link of theEdge u just brushed away.... such a small kid u r.. conman no.1.


Nikmon CEO expecting a double digit growth in 2017!!!! Refer The Edge for full article.

05/03/2017 12:29

Posted by Nikmon > 2017-03-06 09:42 | Report Abuse

bracoli : today where got theEdge.. its sunday leh..
05/03/2017 23:26

this comment make my day, lol

Posted by excelyou > 2017-03-06 10:19 | Report Abuse

Subscribe the weekly The Edge.

Posted by risenfall > 2017-03-06 10:52 | Report Abuse

what is the reasonable tp for this counter before the next qe?

Posted by risenfall > 2017-03-06 10:55 | Report Abuse

bought kgb-wa weeks ago but sold too early, now want to buy back like too high... considering important future events like fed rate and france election might weaken market sentiment...

Posted by Contender > 2017-03-06 10:56 | Report Abuse

Kellington sees better prospects ahead ... the group is expecting net profit and revenue to see a double digit growth.

From the EdgeWeekly ....

Posted by bobby159753 > 2017-03-06 11:20 | Report Abuse

Today is 45 cents what bonus issues ? To worth mr 1.2 bonus issues must be 2 for 1 , you must be joking . The shared has been lowly traded . The major share owner has been dumping . Better stay .

Posted by tkp2 > 2017-03-06 12:20 | Report Abuse

nice breakout, more to come, 0.5 then 0.6

Bought warrant at 0.15 last week, really huat, warrant can go hit 0.3 i think

Posted by VenFx > 2017-03-06 12:22 | Report Abuse

tkp2 bro, hop in another big sweet pot ?

Posted by tkp2 > 2017-03-06 12:24 | Report Abuse

hihi, bron VenFx, hopefully can also huat a bit lah

Posted by VenFx > 2017-03-06 12:24 | Report Abuse

Haha , good on this .
I'm wacthing still ...

Posted by VenFx > 2017-03-06 12:27 | Report Abuse

I hope i can have sensitive nose and long leg like u, can always smell $$$ and act fast :)

Posted by tkp2 > 2017-03-06 12:28 | Report Abuse

hihi, my nose recently quite good, hopefully can maintain, recently win quite handsomely in Petronm-CB, Padini-CF, Biohldg-wa and this round KGB-WA

Posted by tkp2 > 2017-03-06 12:30 | Report Abuse

i am watching PetronM-CB, Johotin-wa for second round.

Posted by VenFx > 2017-03-06 12:38 | Report Abuse

Wow, i never trade any Structural warrant .
They are too quick for me, must be nimble to this kinfd of trade.

Posted by excelyou > 2017-03-06 13:03 | Report Abuse

https://klse.i3investor.com/blogs/mykgb8088/

Posted by jimmylee123 > 2017-03-06 13:29 | Report Abuse

Huat ah. Bought WA week ago

Posted by Nikmon > 2017-03-06 14:13 | Report Abuse

why all buy WA which receive no dividend.....estimate 2 sen dividend which is 4.4% yield for current price, isn't this is better deal? they quit generous on paying dividend, roughly 40-50% of net profit.

Posted by bobby159753 > 2017-03-06 14:24 | Report Abuse

Where is the Hu Ke qin news now ? Play the card that he is chinese tycoon , actually according to report he Is a singaporean . Even use this tactic to push up price?