KLSE (MYR): BJCORP (3395)
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Last Price
0.415
Today's Change
0.00 (0.00%)
Day's Change
0.40 - 0.425
Trading Volume
24,451,600
2024-07-26
2024-07-26
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2024-07-22
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2024-07-17
dompeilee
11,887 posts
Posted by dompeilee > 2021-05-30 09:21 | Report Abuse
27.33% of 5329 million is insignificant as it leaves almost at least 4 BILLION shares( prob more since he's 'selling') floating around potentially dump-able, sending the price to below 20c again, esp now with the total lockdown that gives fundamentally-minded holders plenty of excuses to SELL...
Just a little bit of history lesson, coz we judge a co & its managers by its TRACK record, not empty flowery promises that are easily broken : After a similar 'restructuring' in 1999, the shareholders' equity dropped from 2.662 bil in '99 to 2.112 bil in '00, then 1.481 bil('01), 0.859 bil('02), 0.515 bil ('03), 0.308 bil('04) then had to restructure massively in 2005 by shareholders suffering a 5 to 1 capital reduction or else the s/h equity would have gone -VE. NTA in '99 was $2.07 but dropped steadily to NEGATIVE by '04, meaning the co. was effectively bankrupt.
This co. ( & bjland) also has a long track record of shortchanging shareholders by issuing massive ICULs that in fact never solved the low ROE & financial rot of the co. over the years. Back in the late 1980s when all this ICULs nonsense started, there were only 326 mil shrs outstanding...now there are 16X as much floating supply because of all these excessive ICULs issuance that promised to solve the high gearing of the co. but in fact worsened it.