KUALA LUMPUR (Nov 1): Tycoon Tan Sri Halim Saad said the board of Sumatec Resources Bhd is still confident of keeping the company afloat, following the announcement of the indefinite suspension of its shares starting next week.
In a statement today, Halim said that Sumatec had, after its restructuring in 2013, assured shareholders that it was debt free — the condition before his entry into the company.
“The company invited various members of the business community (some have resigned since) and all members of the board were independent directors.
“Neither I nor my partner, Abu Talib Rahman were appointed to the board,” he said.
Halim, who has been in the limelight recently after he joined the race to take over PLUS Malaysia Bhd and Gamuda Bhd’s four toll highways, explained that in 2015, a corporate guarantee that was given to “so-called” creditors had surfaced.
And that the company seal was used by two non-executive directors who committed the company to large legacy debts, which related to shipping.
These debts was supposed to be settled through the restructuring exercise in 2013, with the disposal of the shipping business, according to Halim.
“The board did not authorise/approve the guarantee and the use of the company seal. We consider this guarantee as fraudulent and have taken legal action. The matter is still before the court.
“In the meantime, a winding-up order was given and this led to the suspension by KLSE (Bursa Malaysia),” said Halim.
After the guarantee surfaced, Abu Talib appointed himself to the board on July 1, 2016, to handle all court matters.
Halim was appointed to the board on March 30, 2018, to help with the situation, the statement said.
“Sumatec was always short of cash and I have been supporting the group since then. At the peak, I advanced RM86.5 million directly to Sumatec and around RM81.02 million indirectly for the oil and gas operation,” he said.
Furthermore, Halim highlighted that he currently holds only 3% of Sumatec.
In January this year, he ceased to be a substantial shareholder of the company after disposing of 197.3 million shares, which is equivalent to 4.63%, on the open market for RM1.1 million, leaving him with a 3.168% stake.
Nonetheless, he was once Sumatec’s largest shareholder, before he began to pare down his stake in the company in 2018.
Halim had a direct interest of 540.18 million shares or 12.7% of Sumatec as at March 21, 2018, according to the company’s 2017 annual report. A year prior, he held close to 20% equity stake in Sumatec, the annual report 2016 show.
Sumatec has been categorised as a Practice Note 17 (PN17) company since April last year, following an announcement dated Oct 17 when the company said it had received a winding-up order in respect of a winding-up petition.
In the Oct 17 filing, the financially-ailing company said it will be appealing against the High Court's decision in respect of the winding-up order.
The company slipped into PN17 when its external auditors Messrs Grant Thornton Malaysia expressed a disclaimer of opinion on the company's audited financial statements for the financial year ended Dec 31, 2017.
The group received a petition last August from its bondholders demanding payment of RM83.31 million from three collaterialised loans they had extended to Sumatec.
The bondholders, namely Kerisma Bhd, Capone Bhd and Prima Uno Bhd, first called up the debt in 2017 via Malaysian Trustees Bhd, after terminating a settlement agreement on the facilities.
Sumatec was the most actively traded counter on Bursa today with 312.83 million shares changing hands. However, its share price remained unchanged at 0.5 sen at the closing bell, giving it a market capitalisation ofr RM21.3 million.
Bilis trap666, don't make me laugh here la, you are not up to prince4 level yet, talk cock you pandai, looks at what you talked in perisai before it get suspended lol
trap666 it is just trick fast buy buy buy ~ 15/01/2019 15:17
trap666 you are management meh !? All about show · 15/01/2019 15:18
trap666 u all go support 0.005 can mou @@! 15/01/2019 15:28
trap666 no no no...still not sink yet !!!! Buy buy buy...wait for U TURN !!!!!!!!!!!!!!! 15/01/2019 17:19
trap666 Im just here to show how stupid you all are. This is the real TRAP ~ 16/01/2019 09:58
trap666 And if anyone really buy this perisai due to my BUY CALL, you all really stupid lah...just take it experience okay..DO NOT believe BUY CALL in the forum ~~~~~~~ 16/01/2019 12:02
mimpilah selagi boleh mimpi.....setakat ni bid yang paling tinggi Kepada Khazanah adalah dari TSHS iaitu RM5.3B untuk 51% saham PLUS yang dipegang oleh Khazanah dan baki 49% masih dipegang oleh KWSP. Lain2 bidders bid untuk 100% tak sampai pun 5.3B. Jadi peluang adalah amat baik jika Kabinet membuat keputusan untuk jual ia akan dijual kepada TSHS. so lets see
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 357 views | 2 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 11692 views | 10 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....
Alex™
12,593 posts
Posted by Alex™ > 2019-11-07 16:44 | Report Abuse
shareholder letter say investors are better off put money in passive investing, but sendiri punting ibm and disney