pls visit sumatec office SUMATEC RESOURCES BERHAD (428355-D) 43-3, The Boulevard, Mid Valley City, Lingkaran Syed Putra, 59200 Kuala Lumpur Willayah Persekutuan Malaysia
Darn, so much negativity.... Anyway, what is interesting is who are buying and why buy all these shares from HS since this is a sinking ship? that mean there are some people willing to risk hundred thousands in total to gamble on this? guess even increase of 0.005 cents there is 50% gain.....haha...
Sumatec lodges police report against former director KAZAKHSTAN / 22 NOV 2018 PETALING JAYA: Sumatec Resources Bhd has lodged a police report against one of its former directors for possible breach of trust and committing offences under the Company Act 2016 by conducting certain transactions without the approval of the board of directors . The group told the stock exchange that Independent Director and Chairman of the Audit Committee of the Board, Datuk Khalid Ahmad had on November 20 lodged the report with the Commercial Crime Department. The decision to lodge the police report was made in accordance with the advice and order of the Board of Directors with the recommendation from the managing director to safeguard the interests of the company, the shareholders, other stakeholders and the public. The director who was a board member of the company from 2003 to 2017 was also a director and shareholder of Tekad Mulia Sdn Bhd during the period in which the alleged act being committed. “The director, in acting without board authority, was acting in conflict of interest in relation to the transactions involving the divestment of Semua International Sdn Bhd (SISB) and Collateralized Loan Obligation (CLO) Debt settlement (since he was also a Director and shareholder of Tekad Mulia Sdn Bhd), a substantial shareholder of the Company during the period in which the alleged act being committed. The Director has made certain undertaking to the Purchaser and Trustee, Malaysian Trustee Bhd and Bondholders in the Settlement Agreement 2013,” said Sumatec board of directors in the filing. Checks with Companies Commission of Malaysia (SSM’s) records list former director Chan Yok Peng as a director and shareholder in Tekad Mulia. The former director also allegedly placed the company’s seal on an agreement without the resolution of the board for a settlement agreement for a CLO Debt for the company’s previous subsidiary SISB. This resulted in Sumatec acknowledging the undertaking to settle around RM80 million, even though the liability has been waived. He was also found to have been allegedly negligent in handling his duties in relation to the financing of vessels under the Company’s subsidiaries, SISB and Semado Shipping Sdn Bhd, by failing to ensure the takeover of the Sumatec’s guarantees to Bank Pembangunan Malaysia Bhd and Malayan Banking Bhd to Hoe Leong Corp Ltd , a company incorporated and listed on the Singapore Stock Exchange. As well as failed to procure the guarantee and to replace the company’s guarantee from the controlling shareholder of SISB, Hoe Leong Corporation Bhd as stipulated in the Settlement Agreement 2013 and the company’s Circular to Shareholders dated May 30 2013, which has caused the company to be summoned and face winding-up proceeding for liabilities estimated at about RM350 million. The director had allegedly acted alone and without the permission of the board of directors in signing the Parental Company Guarantee Agreement” dated May 2, 2016 to the Continental Industrial Supply And Services Limited Liability Company Partnership (CISS.) This was to secure the payment of the Kazakhstan based oil and gas company, CaspiOil Gas LLP (COG) contract, which resulted in the company paying for arbitration proceedings of about US$6 million.
24 Jan 2019 HALIM BIN SAAD (197,298,800 units Disposed) 23 Jan 2019 HALIM BIN SAAD (62,748,000 units Disposed) 21 Dec 2018 HALIM BIN SAAD (54,390,000 units Disposed)
Halim Saad ceases to be substantial shareholder in Sumatec KUALA LUMPUR (Jan 24): Businessman Tan Sri Halim Saad has ceased to be a substantial shareholder of Sumatec Resources Bhd, after disposing of 197.3 million shares in the Practice Note 17 company for RM1.1 million. Sumatec's filing with Bursa Malaysia today showed that Halim sold the block of shares via the open market on Jan 22. This leaves Halim with a 3.168% stake in the group following the disposal. Halim, once Sumatec's largest shareholder, has been paring down his stake in the group since last year. For the cumulative nine months ended Sept 30, 2018 (9MFY18), Sumatec posted a net loss of RM1.91 million compared with a net profit of RM1.88 million a year ago. Revenue fell 75.5% to RM2.99 million from RM12.19 million in 9MFY17. On April 30, 2018, Sumatec announced that its external auditors Messrs Grant Thornton Malaysia had expressed a disclaimer of opinion on the group's audited financial statements for the financial year ended Dec 31, 2017 (FY17). The auditors were unable to obtain sufficient appropriate audit evidence on the appropriateness of its going concern assumption. Grant Thornton had highlighted that the group and the company had incurred a net loss of RM113.95 million and RM171.06 million respectively in FY17. The group and the company also recorded negative cash flows of RM15.33 million and RM9.86 million respectively on operating activities for FY17. Sumatec shares ended the morning session down 0.5 sen or 50% to 0.5 sen today, with 1.86 million shares done, bringing a market capitalisation of RM21.26 million.
About time Bursa Malaysia gets ironed Out! Enough of Stupid 2nd Liners and Ace Market counters being listed! No need new Counters in the name of small caps to be listed! Till today non really made it. All got listed to con Retailers. Bursa Malaysia Walk free!
Bursa Malaysia is the Main culprit. Already know Halim is not doing anything at the back. Didn't Bursa know that there wasn't any oil being digged? So why was the 12 months extension?
Many hanky panky things are happening inside Bursa Malaysia where companies using loop holes reaping Retailers off. Bursa Malaysia insiders are all involved for so many years. About time MACC to investigate!
You should check in on some of those fields below.
Title
Category
Comment
Confirmation
Click Confirm to delete this Forum Thread and all the associated comments.
Report Abuse
Please Sign In to report this post as abuse.
Market Buzz
No result.
Featured Posts
MQ Trader
Introducing MY's First IPO Fund for Sophisticated Investors!
MQ Chat
New Update. Discover investment communities that resonate with your ideas
MQ Trader
M & A Value Partners IPO Equity Fund has been launched - Targeted 13% Return p.a
Latest Videos
0:17
New IPO: Building management systems (BMS), solar thermal systems and energy-saving services provider, Solar District Cooling Bhd aims to list on the Ace Market!
MQ Trader 613 views | 3 d ago
0:17
New IPO: The onshore and offshore support services provider for the O&G industry, Steel Hawk Bhd aims to list on the Ace Market!
MQ Trader 13367 views | 12 d ago
0:17
New IPO: The largest mini-market player and a leading groceries retailer in Malaysia, 99 Speed Mart Retail Holdings Bhd aims to list on the Main Market!
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....
Ywchew8255
122 posts
Posted by Ywchew8255 > 2019-01-23 18:36 | Report Abuse
Tomorrow all queue 0cents, good luck!