Posted by bing > 2014-11-25 20:18 | Report Abuse

However it's a incident! Tomorrow onwards opportunity to buy in!

Posted by nich0las > 2014-11-25 20:20 | Report Abuse

tomolo 26, got egm? or next month?

Posted by bing > 2014-11-25 20:22 | Report Abuse

Tomorrow lah please! Please don't delay lah!

Posted by AliceTey > 2014-11-25 20:22 | Report Abuse

If Chong is that powerful then we should sided with him and not the weakling, fragile and corrupt TPY and OKA LOL....

I believe this is the only litigation case ever where:

1. The lawyer recused himself from the client.

2. The directors of the said client's company resigned on the same day the client get sued.

3. The nominee of the said client also resigned from that client's company.

4. The said client's other company now looking for ways to letting him go.

5. The new lawyer actually have a bad reputation and well known for his unethical conduct.

LOL LOL LOL LOL

Buy Protasco, sell nexgram.

Posted by bing > 2014-11-25 20:25 | Report Abuse

Alice why you like to follow me? Aiyoo.. saya cabut dulu.

Posted by nich0las > 2014-11-25 20:34 | Report Abuse

must delay de, cos this 2 director wants to collect more low price share. keke.

Posted by sl3ge > 2014-11-25 20:53 | Report Abuse

why lost so many?

Posted by nich0las > 2014-11-25 21:10 | Report Abuse

Tot today start up, don't nid cutlose, results -ve, tomolo earthquake Liao.

Posted by sam5941 > 2014-11-25 21:21 | Report Abuse

tomolo sure super gap down

Posted by joerakmo > 2014-11-25 21:31 | Report Abuse

Protasco is just making full provision for the non-return of the deposit.Operationally they are still profitable.
Even with loss still pay dividend(haha if possible escrow the amnt due TPY)

When was NG last div????

Posted by Bjcorp > 2014-11-25 21:38 | Report Abuse

Lol lol lol lol. Still got mad people this hour. Qi xin zor.
A reflection on all dirty work by Alice Chong boss. Cheater talk louder still cheater. No difference!

Posted by Bjcorp > 2014-11-25 21:58 | Report Abuse

Who wants to see alice chong tomorrow go egm see his boss dirty trick lor. Spam la accuse la lie la every dirty thing he will use la.

Posted by Singkalingam > 2014-11-25 22:03 | Report Abuse

Wah....Tmr Meeting Chong how to answer ??

Posted by Bjcorp > 2014-11-25 22:11 | Report Abuse

Chong the best scam man of the year. Cheat people then blame people. Then can tell lies until eye no blink. Take more photo see how he use dirty trick on people lor. Got nothing to hide dont need so much cover up lor.

Posted by Singkalingam > 2014-11-25 22:17 | Report Abuse

aiyoyo....company loss money still want cheat partner TPY money to pay ?? @@ really a 老狐狸

Posted by bullrun88 > 2014-11-26 01:18 | Report Abuse

Oh, won't you stay with me? 'Cause you're all I need! hehe,,, tmr ready to buy cheap stock...

Posted by connect1 > 2014-11-26 05:18 | Report Abuse

protasco lost money because of cheaters like tey and ooi

how can both cheaters face the minority shareholders in today egm

shame shame

cheaters stole our dividend

we all will vote both cheaters out

good riddance

Posted by Coverup > 2014-11-26 06:50 | Report Abuse

Protasco lost money because of scammer like Chong

How can Chong face minorities in today egm lying that he breach agreement and cover up putting blame

Shame shame

Scammer fails project and ruin money recovery, made company suffer lost

We all vote chong the scammer out

Protect company

Posted by chebicef > 2014-11-26 07:18 | Report Abuse

KUALA LUMPUR (November 25): Protasco Bhd, which is currently embroiled in shareholder tussle, dipped into the red with net loss of RM69.2 million in its third quarter ended Sept 30, 2014, compared with net profit of RM13 million, due to a full provision for its investment in PT Anglo Slavic Indonesia (PT ASI).

The investment in PT ASI is, indeed, the root cause of the shareholder fight.

Revenue for the quarter rose 27% to RM319.0 million from RM251.0 million in the year before. Despite making a loss, Protasco maintained an interim single tier dividend payout of five sen per share for the year ending Dec 31, 2014.

The group’s loss per share for the quarter stood at 20.67 sen, compared to earnings per share of 4.18 sen in the year before.

In its filing with Bursa Malaysia, the company attributed the loss to impairment on the purchase consideration from PT Anglo Slavic Utama and the advance made to PT ASI totalling US$27 million (RM84.6 million).

“We are being pro-active in managing the impact of the PT ASI matter on Protasco, and are making a full provision of RM84.6 million.

“With the matter now in court, any future impact on Protasco will be isolated and will not affect performance and ongoing operations,” said Datuk Sri Ir Chong Ket Pen, executive vice chairman and group managing director of Protasco.

Due to the large quarterly losses, Protasco made a net loss of RM42.4 million for the nine months to Sept 30, compared to net profit of RM32.8 million, despite its revenue climbing 15% to RM667.7 million from RM581.7 million.

Going forward, Protasco remains positive of its overall performance in 2014, as it expects growth from its maintenance, construction and property development segments.

“The PPA1M (Perumahan Penjawat Awam 1Malaysia) project, with total value of almost RM600 million, have started to contribute its revenue and profits in the current quarter and this will continue for the next two years as the project progresses,” said the group.

Moreover, Protasco expects its property development segment to double its contributions in the coming quarters as it has commenced development of Phase 2A, together with the ongoing Phase 1 of PPA1M.

Protasco had earlier filed a legal suit against Tey, Ooi and PT Anglo Slavia Uta to claim back US$22.2 million (RM73 million) it had paid in its foiled attempt to buy a 63% stake in oil and gas outfit PT ASI.

Tomorrow Prostasco would hold an EGM to seek shareholder approval to remove two directors, Tey Por Yee and Ooi Kock Aun, both of whom are also substantial shareholder.

The EGM was convened by two of Protasco's substantial shareholders, UOBM Nominees (Tempatan) Sdn Bhd and Tan Keng Hui who collectively hold a 10.

Posted by Wolfgangpro > 2014-11-26 07:31 | Report Abuse

Typical chong MO.
Spam and abuse media for his cover up.
He breach contract, fails a project and made losses, put blame to others.
He divert his attention by telling lies, cover up the truth he is reckless and he is the main cause of company losses.

He abuse company for personal cover up, vote him out for his incompetence. Let professionals recover the losses and clean up his mess.

It's time company ran by professionals not selfish tyrant. Keep whistle blowers like TPY and OKA to keep independent voices, suspend chong the culprit!

Posted by AliceTey > 2014-11-26 08:30 | Report Abuse

10 reasons that minority shareholders should take side with Dato Chong:

1. 12 years of unbroken profits (including during 2008 financial crisis).

2. Dato Chong manages to ensure of Protasco's survival during 1998 asian crisis without firing any employee.

3. Tey Por Yee and Ooi Kock Aun's directors in nexgram believe they are guilty and therefore resigned on the same day Protasco filed their suit. Up to date no replacement is brought in.

4. Gideon Tan, lawyer of TPY and OKA recused himself, which means not even their lawyer believe that they have a case against Protasco and Dato Chong.

5. B'll Chong from MD Corp are planning to get rid of TPY from his company.

6. RM 90mil of unexplained irregularity found in Nexgram's financial report.

7. Every company mentioned in TPY's lawsuit to argue that Dato Chong received kick-back actually are owns by him and linked to Nexgram.

8. Up to date, nexgram failed to find new contractor for it cyber jaya's project.

9. TPY, OKA, Tey Por Chen, Seh Poh Yee offloading their nexgram shares to unknown third party.

10. TPY and OKA are likely be guilty of the following criminal offense: perjury, money laundering, contempt of court and embezzlement.

Posted by 86868 > 2014-11-26 08:43 | Report Abuse

Are you guys serious?

I feel very sorry for Protasco's investors...

Anybody holding Protasco's shares?

Are you all selling Protasco shares?

Have a look at Protasco chart yourself and decide.....Must make fast decision...Don't wait...Anything can happen...

____________________________________________________________
Posted by Antz > Nov 25, 2014 09:32 PM | Report Abuse

Prostaco not making loss...but damn big loss

Posted by Antz > Nov 25, 2014 10:09 PM | Report Abuse

How can a company making loss claim other companies that making profit cheating. Kiasu attitude like Dato

Posted by Antz > Nov 25, 2014 09:32 PM | Report Abuse

Prostaco not making loss...but damn big loss

Posted by Singkalingam > Nov 25, 2014 09:59 PM | Report Abuse

Wah PROTASCO loss so much .... Tmr must bye bye

Posted by justice4all > 2014-11-26 08:43 | Report Abuse

i am justice 4 all

Posted by AliceTey > 2014-11-26 08:44 | Report Abuse

CLICK FOR FULL SITE
MONEY

Investor Central: Protasco Berhad’s EGM — Are minority shareholders adequately informed?
November 25, 2014

SHARE THIS ARTICLE



KUALA LUMPUR, Nov 25 — Protasco Bhd’s shareholders will gather tomorrow at Multipurpose Hall, Unipark Suria, Jalan Ikram-Uniten, Selangor, to vote on resolutions demanding the removal of directors Tey Por Yee and Ooi Kock Aun.

Protasco Bhd and its Group Managing Director cum promoter Dato’ Sri Chong Ket Pen have also filed a suit against Tey and Ooi, asking them to refund US$22 million the company paid to acquire a 63 per cent stake in Anglo Slavic Indonesia (PT ASI) alleging that there was fraud and forgeries among other matters.

But Tey’s investment vehicle Kingdom Seekers Ventures Sdn Bhd filed a countersuit against the company and Chong claiming that he made RM10 million illegitimate gains in the transaction.

All of this because Protasco Bhd’s acquisition of a controlling stake in PT ASI, which was initiated in December 2012 and amended in January this year, was terminated in July.

Protasco alleges that Tey and Ooi didn’t disclose their interests in the acquisition.


Tey bought a 27.11 per cent stake in Protasco Bhd from its former Deputy Executive Chairman Dato’ Mohd Ibrahim bin Mohd Nor in November 2012.

Ooi was appointed as Protasco Bhd’s independent director on December 10, 2012.

He was a nominee of Tey, as mentioned in Protasco Bhd’s lawsuit.

In response to our email, Protasco Bhd said Tey nominated Ooi on the basis of the shares he owned in it, which does not necessarily mean the company or its Board knew at the time of appointment that Ooi would be his proxy or agent on the board.

It further replied, no company would be able to recruit/nominate anyone to become, for example, independent directors if the bare fact of nominating them meant they were proxies/agents. And at the end of the day, all directors owe statutory and fiduciary duties to the company and its shareholders especially the minorities, which in this case Tey and Ooi have breached.

In its lawsuit, Protasco Bhd said the Board decided to form an Investigation Committee (IC) to look into the sale and purchase agreement and other matters related to the acquisition of ASI after it was terminated in July.

The IC found out that Tey had an in-principle agreement with Protasco Bhd’s Group Managing Director Dato’ Sri Chong Ket Pen on November 3, 2012 to develop oil and gas based projects in Indonesia jointly with Protasco Bhd.

It was subject to that agreement that Tey bought a 27.11 per cent stake in Protasco Bhd in December 2012.

Protasco Bhd also said that Tey introduced the PT ASI deal to the company.

Apparently, Protasco Bhd’s Group Managing Director Dato’ Sri Chong seemingly knew a few things about Tey’s interests in the transaction.

Responding to our email, Protasco Bhd said the fact that Tey was promoting the deal was known to the Board and it was not prohibited. However, what was not known was that Tey hid his beneficial interest (an actual stake) in PT ASU, which is something that has to be declared and prevents him from participating in Board decisions on the deal.

In his counter suit, Tey claimed Chong made illegitimate gains of RM10 million in the acquisition of PT ASI.

To that, Chong responded that Tey borrowed RM20 million from him in December 2012 to buy shares in Protasco Bhd and the RM10 million that Tey claims to be illegitimate gains was actually a part repayment of the loan.

Sadly, the minority shareholders are stuck between the suit filed by Protasco Bhd that will next be heard on December 8 and the countersuit filed by Tey that will be heard on January 12.

Ultimately, it is up to the courts to decide on these matters.

When they gather for the EGM on Wednesday, the minority shareholders might wonder how independent Ooi was despite being a nominee of Tey.

On the other hand, Bursa Malaysia and the Securities Commission would be watching closely to see if Protasco Bhd obeyed the Listing Rules and other securities laws in the last couple of years.

Certainly, Wednesday’s EGM will not be the final word in what seems to be a long drawn battle. — Investor Central

 

Legal notice

 

While our purpose is to ask the questions which the man on the street would ask, and to help the everyday investor make informed investments, please note that:

 

Our reports and presentations (‘our contents’) are not investment advice nor should they be construed as investment advice or any recommendation of any kind; nor meant to cast allegations or insinuations of any kind against any individuals or entities. Before acting on the material in our contents, you should either seek independent advice tailored to your particular circumstances and intentions or rely on your own judgement.

Our reports and presentations express our observations, opinions and theoretical analysis based on the facts that we have gathered or have been provided to us. While we endeavour to ensu

Posted by gohlai > 2014-11-26 08:45 | Report Abuse

spend time on lawsuit instead of focusing on the business...disadvantage to shareholders...and wasting time and money

Posted by justice4all > 2014-11-26 08:54 | Report Abuse

1. 12 years of unbroken profits (including during 2008 financial crisis).

@how about latest quarter

2. Dato Chong manages to ensure of Protasco's survival during 1998 asian crisis without firing any employee.

@show some proof

3. Tey Por Yee and Ooi Kock Aun's directors in nexgram believe they are guilty and therefore resigned on the same day Protasco filed their suit. Up to date no replacement is brought in.

@

4. Gideon Tan, lawyer of TPY and OKA recused himself, which means not even their lawyer believe that they have a case against Protasco and Dato Chong.

@

5. B'll Chong from MD Corp are planning to get rid of TPY from his company.

@get the fact right - bill chng from mp corp and show proof

6. RM 90mil of unexplained irregularity found in Nexgram's financial report.

@can you explain the unexplained

7. Every company mentioned in TPY's lawsuit to argue that Dato Chong received kick-back actually are owns by him and linked to Nexgram.

@show some proof

8. Up to date, nexgram failed to find new contractor for it cyber jaya's project.


@show some proof

9. TPY, OKA, Tey Por Chen, Seh Poh Yee offloading their nexgram shares to unknown third party.

@show some proof and go file a police report

10. TPY and OKA are likely be guilty of the following criminal offense: perjury, money laundering, contempt of court and embezzlement.

@show some proof and go file a police report

Posted by AliceTey > 2014-11-26 08:56 | Report Abuse

@gohlai...aio...you think protasco can have business as usual when there are board members who constantly cheats the company? Think with your brain mah..

Posted by AliceTey > 2014-11-26 08:59 | Report Abuse

@justice: last quarters? Loss RM 69mil but still distribute dividend 5cent/share. Not bad eh?

The rest: google yourself...it's all a matter of public record and reported by the media.

Posted by 86868 > 2014-11-26 08:59 | Report Abuse

Are you guys serious?

I feel very sorry for Protasco's investors...

Anybody holding Protasco's shares?

Are you all selling Protasco shares?

Have a look at Protasco chart yourself and decide.....Must make fast decision...Don't wait...Anything can happen...

____________________________________________________________
Posted by Antz > Nov 25, 2014 09:32 PM | Report Abuse

Prostaco not making loss...but damn big loss

Posted by Antz > Nov 25, 2014 10:09 PM | Report Abuse

How can a company making loss claim other companies that making profit cheating. Kiasu attitude like Dato

Posted by Antz > Nov 25, 2014 09:32 PM | Report Abuse

Prostaco not making loss...but damn big loss

Posted by Singkalingam > Nov 25, 2014 09:59 PM | Report Abuse

Wah PROTASCO loss so much .... Tmr must bye bye

Posted by justice4all > 2014-11-26 09:03 | Report Abuse

@show some proof and documentation.google is full of rumour lie

Posted by sl3ge > 2014-11-26 09:04 | Report Abuse

guys, kick tpy and ooi out, then the price will go back to rm1.9

Posted by justice4all > 2014-11-26 09:05 | Report Abuse

@company making loss and paying dividend is stupid

Posted by nich0las > 2014-11-26 09:06 | Report Abuse

eh, hairan. no more falling knife. it's normal for Prtasco.

Posted by AliceTey > 2014-11-26 09:07 | Report Abuse

@justice, actually no...I told you it is a matter of public record so it is well documented in official document.

Posted by wannabeinvestor > 2014-11-26 09:07 | Report Abuse

Anyone on the way to EGM?

Posted by nich0las > 2014-11-26 09:08 | Report Abuse

ok, nothing happend, can continue work. Good day all my frens.

Posted by 86868 > 2014-11-26 09:10 | Report Abuse

Protasco red....Bad Omen or what?....

Nex Gram Holding....But afternoon don't know how?

Posted by 86868 > 2014-11-26 09:22 | Report Abuse

THE TRUTH.....CHECK FOR YOURSELF...


NG chart looks VERY steady so far.....Real time....

Protasco.....Support level....1.554....Other indicator .... VERY BEARISH....

Posted by AliceTey > 2014-11-26 09:43 | Report Abuse

@86, shares goes up and down is nothing special....m

Posted by 86868 > 2014-11-26 09:48 | Report Abuse

RM69 million losses is very special!!!!!!!!!!!!!!!!!

________________________________________________________________


http://www.thestar.com.my/Business/Business-News/2014/11/26/Protasco-posts-Q3-loss-of-RM69mil/?style=biz

Business NewsHome › Business › Business News
Protasco posts Q3 loss of RM69mil
Wednesday, 26 November 2014

PETALING JAYA: Protasco Bhd went into the red with a net loss of RM69.18mil for the third quarter to Sept 30, 2014 from a previous net profit of RM13mil. Revenue jumped 27.1% to RM318.99mil.

The net loss was due to an impairment on the purchase consideration due from PT Anglo Slavic Utama and the advance made to PT Anglo Slavic Indonesia totalling US$27mil (RM84.64mil).

Without the impairment, the group’s profit from operations registered a growth of 9.3% compared to the same period in the previous year.

The company announced an interim dividend of 5 sen from 4 sen previously.

For the nine-month period, the company recorded a net loss of RM42.38mil from a previous net profit of RM32.77mil. Revenue incresed 14.78% to RM667.67mil.

There is an ongoing feud between Protasco’s two largest shareholders, executive vice-chairman and group MD Datuk Seri Chong Ket Pen and non-executive director Tey Por Yee.

An EGM will be held today to vote on resolutions to remove Tey and his associate and fellow board member Ooi Kock Aun. The shareholders behind this move are Chong and Tan Heng Kui, another Protasco director.

On Friday, there will be another EGM, jointly requisitioned by Tey and a company he controls, to oust Chong from the board.

Posted by 86868 > 2014-11-26 09:53 | Report Abuse

i said many times Protasco is going DOWN!!!!!!!!!!!!!!!!!!!!!bearish....

Posted by 86868 > 2014-11-26 09:53 | Report Abuse

THE TRUTH PREVAILS!!!!!!!!!!!!!!!!!!!!!!!!

Posted by joerakmo > 2014-11-26 09:56 | Report Abuse

@justice:You have the mentality of TPY.The proper way to reward ALL shareholders ;including owners is via dividends.Nexgram does not pay dividends.You should ask are those earnings real.
TPY issues shares and company money for acquisitions that should be investigated for Related Party Transactions.Especially the Fijian purchase. My guess; TPY took the Protasco money to roll and got hit with triple whammy.Indonesian elections and change of Oil minister; strengthening of USD and correction of market. Too many holes and not enough covers.

Posted by 86868 > 2014-11-26 10:01 | Report Abuse

Whatever.......Numbers don't lie!!! Lousy management...Period....

Posted by joerakmo > 2014-11-26 10:05 | Report Abuse

TPY should have sold and walkaway lor.Why he sell Nexgram to buy Protasco.
You his advisor??

Posted by AliceTey > 2014-11-26 10:15 | Report Abuse

Of course number lies dummy....it is the oldest ways to lie: using number to confuse other. Ask enron and lehman's victims if you don't believe me.

Posted by TAGS80 > 2014-11-26 10:20 | Report Abuse

cant wait for the outcome of the EGM. can someone here update us once the results of the egm is out?

Posted by nich0las > 2014-11-26 10:42 | Report Abuse

No wonder Cold eye leave Protasco, cos he know TPY is pai kia lai de. See his face also know.

Posted by ncsncs > 2014-11-26 11:07 | Report Abuse

今天特大誰有最新消息可分亨？

Posted by marll > 2014-11-26 11:33 | Report Abuse

egm adjourned till 12pm.