Posted by StartOfTheBull > 2023-04-11 15:11 | Report Abuse

By the way, what is your answer for this SSslee?
And the RPS is actually not needed if the company has enough funds to continue operation or to acquire additional assets.

Posted by Sslee > 2023-04-11 15:34 | Report Abuse

As at 31/12/22
Insas current assets RM 1,783,443,000
Consist of:
Property development: RM 11,256,000
Inventories: RM 12,425,000
Trade receivables: RM 476,931,000
Amt due from assocoate companies ; RM 68,806,000
Amt due from JV: RM 647,000
Other receivables, deposits and prepayment : RM 51,947,000
FINANCIAL ASSETS AT FAIR VALUE THOUGHT PROFIT OR LOSS: RM 216,578,000
Tax recoverable: RM 7,016,000
Deposits with licensed banks and financial institutions: RM 757,724,000
Cash and bank balances: RM 180,113,000

So please make you own conclusion whether the RPS is actually needed/not needed if the company has enough funds to continue operation or to acquire additional assets?

Posted by StartOfTheBull > 2023-04-11 15:45 | Report Abuse

And the working capital ratio?

Posted by Mikecyc > 2023-04-11 15:52 | Report Abuse

Haha that’s why is Insaf value trap …

Posted by Sslee > 2023-04-11 15:54 | Report Abuse

You tell me what is the working capital for M&A Securities (stock broking and financial advisor, underwriter) and Insas credit and leasing moneylender?

Trade receivables: RM 476,931,000

Posted by StartOfTheBull > 2023-04-11 15:55 | Report Abuse

It is disadvantage to the new ordinary shareholders as any profit to be distributed out will goes to the redeemable preference shareholders (the existing shareholders who have subscribed for it) first before it goes to the ordinary shareholders.

Posted by StartOfTheBull > 2023-04-11 15:59 | Report Abuse

Trade receivables also has the risk of ending up as irrecoverable bad debts.

Posted by StartOfTheBull > 2023-04-11 16:04 | Report Abuse

Now do you know why free seat promotion is good for airlines eg. AirAsia?

Posted by Sslee > 2023-04-11 16:06 | Report Abuse

RPS is with interest of 3.8% pay biannually.
Number of RPS issued : 132,604,152
Class of shares : RPS
Maturity date : 28 February 2026

Insas Dividend is up to the BOD, last year was 2.5 cents and next year I will ask for more/better dividend

Posted by Sslee > 2023-04-11 16:10 | Report Abuse

Structured finance

The Group’s lending arm, Insas Credit & Leasing Sdn. Bhd. (“ICL”) is licensed under the Moneylenders Act 1951. ICL has established itself as a boutique structured finance provider to selected sophisticated investors and corporations seeking short and medium terms financing for working capital and investment purposes.

As of 30 June 2022, ICL has a collaterised loan portfolio of over RM300 million generating recurring interest income to the Group.

ICL has stringent operating and compliance policies and processes in place in evaluating the credit profile of the borrowers, the project viability, the collateral offered and sources of repayments and ICL conducts ongoing monitoring procedures to assess and ensure the loan positions are well maintained, adequately secured and comply with the necessary covenants.

Posted by Windy1974 > 2023-04-11 16:12 | Report Abuse

From what i know, they are 3 reasons why owners wanna list their companies in KLSE.
1. Majority of KLSE companies. It's an ATM machine to suck out suckers for their KTVs, super cars (1 KLSE director is proud owner of more than 1 bugatti. The company every year lose money)
2. Exit strategy. The owner believed growth potentials are limited for the company. Eg Creador? But VC fund always set a time frame for exit
3. Seeking public funds for expansion. I would say owners/companies in this category are the minority.

Posted by Sslee > 2023-04-11 16:13 | Report Abuse

CapitalA pay now and flight later is all about using the future earning/revenue to pay for current working capital.

Without it CapitalA has no money to fly the planes and pay current creditors.

Posted by Windy1974 > 2023-04-11 16:18 | Report Abuse

Now, i am thinking from a selfish businessman perspective (That's me, correct). Anything uncertain/risky, i would park under my listed company. Sure money making, of cos under my Sdn Bhd lah. Now, if by chance the risky investment become a gem, what would i do? Simple. If i currently owned 30% of my listed entity, i would just buy another 3% and then activate MGO and try take the company private? Of course, whether my offer price will be accepted or not by share holders another issue? If i know my listed company is worth RM3, it's a no brainer i would pay RM1.50 to take it private. That's what happened with many KLSE companies with analysts saying "unfairly priced" but so??
If you believe a company is worth RM3 and the major holder is not offering RM1.50 to take it private, what can you conclude?
My conclusion
1. He is Jesus
2. It's not worth RM3

Posted by Sslee > 2023-04-11 16:31 | Report Abuse

Once trigger an MGO the BOD will appointed an indepandent valuer to value the offer is reasonable/not reasonable and fair/unfair based solely on offer price and valuation price (sum of parts or discount cah flow and etc)

I am sure the valuer will give a value of more than RM 3.50+ and conclude the offer is not reasonable and unfair and advise shareholders to reject the offer.

If MGO not accepted or fail the offerer is ban from trigger another MGO for 1 year period.

Or in other word the offeror will be a sitting duck within this 1 year period to hostile takeover.

Posted by BobAxelrod33 > 2023-04-11 16:42 | Report Abuse

Does this mean that LTAT takeover offer price for Bstead would be REJECTED?? Hahahaha...

Answer : they already owned majority....so the minorities can either shut up or go fly kite!

Posted by Sslee > 2023-04-11 16:50 | Report Abuse

When MGO due to trigger by 33% threshold and VGO when holding more than 50% is totally different rule and regulation.

For VGO the offeror can just accept whoever shareholders agree to sell their share to the offeror.

For 33% MGO trigger by 33% threshold the offer only consider success if the acceptance will push the offeror shareholding to more than 50%. Anything below 50% is considered as offer fail.

Posted by BobAxelrod33 > 2023-04-11 16:58 | Report Abuse

I must have been mistaken, I thought the issue discussed was the Offer price and not the Shareholding percentages.
Even if to get above 33.3%, the Predator must first "inform and seek approval" from SC before taking that extra 3.3% to trigger the MGO.

Moreover, to get an additional 18% from Open float is relatively easy if your have the cash. Or you may simply unload your holdings and make a kill when price rally, which may cut to the chase.

Posted by BobAxelrod33 > 2023-04-11 17:02 | Report Abuse

Ultimately, I don't see any big difference in a MGO or a Hostile takeover when you already hold 30%.....there are Rules to follow up with SC and there are many ways to circumvent by using "friendlies" to buy and hold the additional 20% on your behalf.........

Posted by BobAxelrod33 > 2023-04-11 17:04 | Report Abuse

By virtue of holding above 10% of NOSH, you already have approval from SC and only need to re-apply for additional collections/holdings.

FYI, the late Tan Sri held 23.6% in Public Bank and his children inherited the blocks. THERE MAY BE PROXIES TOO.......

Posted by BobAxelrod33 > 2023-04-11 17:09 | Report Abuse

BTW, my DRBHCOM is doing reasonably well and today have moved a little bit AGAIN......how's your CMSB?

Our Time Stamp at DRB was at 1.33 and today is at 1.55

Posted by Sslee > 2023-04-11 17:12 | Report Abuse

This is what SMI management make a report to SC about whether your "friendlies" is in fact PAC (persons acting in concert)

Last Tuesday (April 4), SMI announced that over 20 parties, comprising companies and individuals, were acting in concert with Prolexus Bhd's units — Honsin Apparel Sdn Bhd and Hi-Q Media (M) Sdn Bhd — by acquiring more than 33% of the group’s stake without making an MGO under the CMSA.

However, Prolexus, which holds a 10.01% stake in SMI through Honsin and Hi-Q, denied the allegations.

Posted by Mikecyc > 2023-04-11 17:16 | Report Abuse

Key Matters Discussed at the 59TH Annual General Meeting of Insas Berhad held on 2 December 2021:


The Share Buy Back Statement this year mentions that the Board is mindful of the potential implications of the Code and intend to monitor closely the share buy-back such that it will not cause any party to trigger the obligation to undertake a mandatory offer pursuant to the Code.
This is different from the Statement two years ago, which mentioned that INSAS does not intend to undertake the share buy back such that it will trigger any obligation on the major shareholders and/or person acting in concert (“PAC”) but it also added that the major shareholders could make the necessary application to the Securities Commission for waiver.
Does this mean that there will be no share buy back if the major shareholders do not apply for a waiver?
Why has there been no share buy back for the past many years, especially when the shares are severely undervalued?
When will the Board, Dato’ Sri Thong and PAC seek and table a Share Buy Back MGO waiver for shareholder approval?

Propose that INSAS request the major shareholders to apply a waiver to allow INSAS to buy back shares in the market.

Posted by Sslee > 2023-04-11 17:17 | Report Abuse

If the SC found Prolexus in breach then Prolexus will need to offer MGO at the price of the 5 days average weightage Prolexus last bought SMI.

Posted by BobAxelrod33 > 2023-04-11 17:18 | Report Abuse

It would take more than a million years to prove these Proxies are acting in tandem.... (I have been there personally...oopss! please pretend you didn't see read that)

Moreover these proxies can argue they have good interest in a targeted counter and have no knowledge whatsoever who else is buying? Can you take them to Court?

Posted by BobAxelrod33 > 2023-04-11 17:20 | Report Abuse

The Onus is to prove their Guilt and not necessary for them to clear themselves........
That could take a million more years, and the market price might have moved enough for their hidden intentions.......

Posted by Mikecyc > 2023-04-11 17:22 | Report Abuse

The Board has not received any notice from any Major Shareholders and PACs on the proposed waiver application. In the event such notice is received, the Board will announce the waiver application to Bursa. The waiver application will be subjected to the approval of the relevant authorities and non-interested shareholders of the Company at an Extraordinary General Meeting to be held.

Posted by BobAxelrod33 > 2023-04-11 17:25 | Report Abuse

In fact, most Laws are made to be bent, so long as not broken, you are free of all Charges.....

Of course, Sslee is more straight than his black hair, so he must live a life free from complications and work his fingers to the bones....hahahaha

Posted by Mikecyc > 2023-04-11 17:54 |

Post removed.Why?

Posted by Mikecyc > 2023-04-11 17:56 | Report Abuse

Haha increased more than 20 million staff costs in FY 2021 .. yummy yummy loh …

Posted by BobAxelrod33 > 2023-04-11 17:59 | Report Abuse

Uh-oh....staff salaries increased by 20 millions??? Directors' fee included under Salary and Remuneration? Don't tell me another Lap SAP salary rubber tube?

Posted by Mikecyc > 2023-04-11 17:59 |

Post removed.Why?

Posted by BobAxelrod33 > 2023-04-11 18:01 | Report Abuse

But this is already April 2023??? Their clocks run backwards??? Back to the Future???

Posted by Mikecyc > 2023-04-11 18:05 |

Post removed.Why?

Posted by Mikecyc > 2023-04-11 18:07 | Report Abuse

Haha staff costs increased Ada loh .. ESOS tak nampak pun … manyat kedekut leh …


Posted by BobAxelrod33 > 4 minutes ago | Report Abuse

But this is already April 2023??? Their clocks run backwards??? Back to the Future???

Posted by BobAxelrod33 > 2023-04-11 18:09 | Report Abuse

Poor Lee got duped????

Posted by Mikecyc > 2023-04-11 18:22 | Report Abuse

Haha is this the cause ? What is the amount involved ? This is on AGM dated 2/12/2021 :

14.
Does Company have any involvement in glove manufacturing and status ?


Insas has invested 30% equity interest in the glove manufacturing company in Kulim which is involved in the manufacturing and sale of industrial and examination gloves.


Despite the drop in the average selling price of examination gloves, the glove manufacturing company remains profitable for the past few months.

Posted by Mikecyc > 2023-04-11 18:23 |

Post removed.Why?

Posted by Mikecyc > 2023-04-11 18:27 |

Post removed.Why?

Posted by Sslee > 2023-04-11 18:31 | Report Abuse

the historical financial performance of M&A Group as follows:
Audited
FYE 30 June
2019 2020 2021 2022
RM’000 RM’000 RM’000 RM’000
Revenue 26,314 36,978 68,906 48,541
PAT 6,552 9,172 18,764 17,916
NA 169,063 170,288 182,707 193,374

Who ever work in stock broker will know pay is based on commission from revenue generated.
So what is the increase revenue from 2020 to 2021.

Posted by Mikecyc > 2023-04-11 18:39 |

Post removed.Why?

Posted by BobAxelrod33 > 2023-04-11 18:39 | Report Abuse

Mickey oh mickey....you should always look at the universal background before condemning.

Technically, Insas did not "go into" fashion and f&b but indirectly invested in the company for ROI. They don't have the expertise nor the approach to be doing hands-on....

And the Revenue did increase the corresponding years of high salaries paid out as Commission.....

Posted by Mikecyc > 2023-04-11 18:47 | Report Abuse

Haha referred to latest QR on December 2022 :

Loans n Borrowings is RM 244,083,000 compared to 2021 is RM 236 million … RPS again ke .. 2021 is RM 132 million …

Posted by Income > 2023-04-11 21:56 | Report Abuse

Mati kudasai Sslee Insaf dissected by Mikecyc.
Mikecyc Any Hanky Panky ker Insaf???
I look at charts only… no time to look at Reports.
Serbak reports very Cantekkk but at last also Fraud lah. That’s why look at the report at face value only. True or not the report, only God knows lah…

Posted by StartOfTheBull > 2023-04-11 23:02 | Report Abuse

The pandemic is over, why still keeping so much cash and not paying off the entire loan? Why dividend yield 3.2% only? Why nobody question the management?

Posted by Philip ( buy what you understand) > 2023-04-11 23:24 | Report Abuse

If you hear this excuse what would you feel?
Such a lame excuse, still can pakai? 1 billion in cash, you can easily start to find 18% to start buying under different guise to drive the price up and hit mgo quietly. What is 100 million to get 20% to buy over majority? Borrow from bank at 10% pa also worth it...
>>>>>>>>
I think I do explain before.
Leno explanation is the free WC to reward the shareholder.
My explanation since Dato Sri Thong and PAC only hold 32.96% hence to prevent hostile raider Dato Sri Thong and PAC use the WC as defensive tool

Posted by Sslee > 2023-04-12 07:44 | Report Abuse

Good morning Philip,
If you are interest to do so,I can personally take you to meet up with CEO Dato' Wong and you can do your due deligence.

Do not need to do quietly, you can do openly with borrow money from Insas credit and leasing.

Posted by Mikecyc > 2023-04-12 07:53 |

Post removed.Why?

Posted by Mikecyc > 2023-04-12 08:03 | Report Abuse

INSAS BERHAD
Registration No. 196101000026(4081-M) (Incorporated in Malaysia)
Questions raised by Minority Shareholders Watch Group (“MSWG”) – 60TH Annual General Meeting of Insas Berhad held on 25 November 2022

The total remuneration received by executive directors of Insas’s subsidiary companies has increased by 22.9% to RM9.5 million from RM7.73 million (page 170 of AR2022), primarily due to higher salaries and other emoluments paid to directors.
At the same time, total staff costs (inclusive of executive directors’ remuneration) were lower at RM45.82 million compared to RM58.74 million in the year before (page 171 of AR2022).
Why was the remuneration of executive directors’ (at the subsidiary level) higher and overall staff costs lower in FY2022?


The higher remuneration paid to executive directors of the subsidiary companies for the FY2022 was mainly due to incentive bonuses linked to the financial performance of the subsidiary companies.
The decrease in overall staff costs in FY2022 was mainly due to the lower incentive bonuses provided in the FY2022 as compared to FY2021.

Posted by StartOfTheBull > 2023-04-12 08:07 | Report Abuse

SSslee must be sleeping during the last AGM. Hahaha

Posted by Mikecyc > 2023-04-12 08:08 |

Post removed.Why?