The Proposed Private Placement is expected to result in an interest saving of approximately RM0.98 million per annum and hence have a positive impact on the Group’s financial position in the future. Premised on the above, the Board is of the view that the Proposed Private Placement will facilitate the Group to maintain its creditworthiness with its lenders for the continued availability of credit facilities to fund its business operations which is expected to improve the business and financial performance of the Group and thus enhance the shareholders’ value in the future. 2.2 Adequacy of the Proposed Private Placement in addressing the Company’s financial concerns The Proposed Private Placement will enable the Group to raise additional funds from third party investor(s) expeditiously for the purposes as set out in Section 3 of the Announcement. As at 30 September 2021, the Group has approximately RM141.80 million in cash and bank balances (inclusive of deposits pledged with financial institution) which will be sufficient to meet its shortterm obligations. Although the Proposed Private Placement will not substantially turn around the Group’s financial performance, it is adequate at this juncture as an interim measure to reduce the Group’s existing indebtedness and ensure business continuity is not affected by cash flow constraints. As disclosed in Section 5.8 of the Announcement, the Group has undertaken and is undertaking various measures to improve its financial performance and strengthen its financial position amid the challenging environments faced by the hospitality and tourism industry as well as the retail industry in particular. These include, amongst others, the implementation of various cost cutting measures by the Group, the Proposed Disposal, the opening of new experiential retail store by Metrojaya at LaLaport BBCC in Kuala Lumpur tentatively in the second quarter of 2022 and the Proposed A&W Acquisition. Hence, the Board is of the view that these concerted measures coupled with the efforts to pare down bank borrowings via the proceeds from the Proposed Private Placement and further fund raising exercises in the future, if necessary, will support the Group’s aim to strengthen its financial performance and financial position in the long term. This announcement is dated 7 February 2022
Dug up my old records to check: surprised to rediscover that I bought 25k MUI @ 20c in 2014 & then SOLD on the way up from 21.5c to 28.5c, earning $632.24, selling down to zero shares.
3 as below; I)teach some II)shares review every one or 2 weeks III)share recommendation or ask to buy or sell share u have. Sifu Michael(with ang pow picture) in FB. Charging rm 150 per month only. Free one book if stay four month
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 2904 views | 2 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....
harvest18
4 posts
Posted by harvest18 > 2022-02-04 14:04 | Report Abuse
Company is undervalued but directors have no skill to realise these values.