The Board of Directors of the Company wishes to announce that a Notice pursuant to Section 218 of the Companies Act, 1965 dated 29 October 2013 has been served on Benalec Diversity Sdn. Bhd. (“BDSB”) (formally known as Arus Kreatif Sdn. Bhd.), a wholly-owned subsidiary of Benalec Sdn. Bhd., which in turn is a wholly-owned subsidiary of Benalec, on 29 October 2013 by Sheng Lee Law Office, Advocates & Solicitors acting for KTG Marine (M) Sdn. Bhd., demanding for the payment of RM8,447,916.11 as at 10 July 2013 for the alleged works done for the proposed coastal reclamation works in Melaka, including but not limited to the extraction of sea sand, loading, transporting and unloading sea sand at designated stockpile area.
BDSB is given twenty-one (21) days from the receipt of this Notice i.e. 29 October 2013 to settle the said outstanding amount, failing which, winding up proceedings will be taken against BDSB. The Company is seeking legal advice and will take the appropriate course of action including defending the claim against BDSB, if necessary.
Further announcement on the developments of the above matter will be made to Bursa Malaysia Securities Berhad in due course.
demanding for the payment of RM8,447,916.11 as at 10 July 2013 for the alleged works done? so the brothers have songlap the money through their subsidiaries...so the rumor is true indeed..kong kali kong
Observing the frequent land sales, lower div payout, is it a sign of preparing the working capital for the tanjong piai work? Which will be announcedsoon.
with the current development of the company, the chances to go north right now is quite unlikely ~ unless you want to buy on weakness and wait ... n wait .... n wait
Yes. Get RID of the 2 scam directors or do something to brighten your company. Mr MD Benalec - Please wake up the company and get the public to support you again.
Dear messi. No way. The fundamental still intact as long not in the hand of these two directors. Latest land sale is RM40 per sq ft but selling to directors at RM28. These 2 directors already pocket RM42 million for themselves.
Dear Messi. This is not internal squabbling but actions by directors who not complying to laws and regulations. Therefore rest assured. Please continue to support Mr. Benalec.
Yes. Actions of directors who does not comply to laws and regulations has caused the downfall and trust in Benalec. Why can't the Board of directors make effort to recover the lost amount or report to authorites and sue the scam directors
The 3 brothers are holding 53% stake in Benalec thru Oceancove Sdn Bhd. Is it that simple to get rid of the 2 Executive Directors who are also major shareholders. How can the land disposal goes through without Board's approval ? Many things untold ?
Yes ..after the big rain there shall be darkness...and thereafter big wind to flush out all the DIRT and cleanse all the DIRT before it can get into sunny state again..
There are basically two types of shareholder owners running any public listed company as I see it..
Take for instance Category A company where the owner possess strategic vision, drives a fundamentally sound business in a very professional manner which eventually drives up the earnings, drives UP the EPS and eventually the share price will reflect the business enterprise value and Increase the net worth of the owner. Every shareholder including the minorities will realize share appreciation over time and everyone feels better off.
There is another type of shareholder owners say Category B company where the owner shareholders engaged in unethical business practices that does not add value to the company's business ..they seem to think that unethical business transaction can be made a secret where nobody will know...OMG What utter naivety!!
The unethical business transaction involving certain shareholder owners will work towards driving down the value of the share price, the company image is impaired and consequently the net worth of the major owners also diminishes and the minority shareholders are also worse off as although the basic fundamental of the business is very good but the unethical practises of the major shareholders had destroyed the value of the share price. Unfortunately the company B major shareholders owners are very short term minded and does not appreciate professional business ethics coupled with passionate zeal backed by sheer hard work over time can indeed result in positive appreciation of the Company B share price
Somehow Benalec owner shareholders had worked extremely hard to qualify the company under Category B to the detriment of themselves plus the minority shareholders... If they had worked hard towards Category A company status, the net worth of the majority shareholders will be much more compared to now...minority shareholders will be feeling good as well...
http://www.nanyang.com/node/577308?tid=462 - translated to English. (Kuala Lumpur, 7 hearing) Wang Yang Holdings (BENALEC, 5190, board construction stocks) two independent directors to seek to convene an extraordinary general meeting, ousted former Executive Director Dato Dato Liao Liao Dachun and AFG's directorship, but did not clarify why.
Wang Yang Holdings announced in October, the Executive Director Liao Dachun and Liao Asian financial service contracts violated regulations, thus terminating two contracts. They are also major shareholders, while maintaining the position of director, will not have administrative duties or powers. Grand Oceans Holdings Wednesday filing to Bursa Malaysia, two independent directors received two independent non-executive directors - Ancient Hongguan and Huang Yuyan (both transliteration) requirements, convening large, deposed Liaoda Chun Liao Asian financial director positions.
The company noted that the Ministry of directors held a special meeting on the morning of the conference, held at the appropriate time through the large, ousted two directorships motion. Liaoda Chun Wang and Liu Asia Pacific Holdings fiscal is managing director Liaocheng Hai's brother. Three brothers and character Lam (transliteration), through private companies Oceancove, jointly held by Wang Yang Holdings 53.21% stake.
Share buy back may not boost the share price. Share buy back is a mechanism of price stabalisation. For dividend, Benalec may consider to remain constant dividend pay out at reasonable return to reward the shareholders especially the funds manager until full realisation and optimisation of lands disposal and sufficient internal cash to finance projects in pipe line.
The Board of Directors of the Company (“the Board”) wishes to announce that the Company and Benalec Diversity Sdn. Bhd. (“BDSB”), a wholly-owned subsidiary of Benalec Sdn. Bhd. (“BSB”), which in turn is a wholly-owned subsidiary of Benalec (“the Plaintiffs”) commenced a civil suit in the Kuala Lumpur High Court on the 6 November 2013 vide Civil Suit No. 22NCVC-614-11/2013 against Datuk Leaw Tua Choon, Datuk Leaw Ah Chye, Leaw Yongene and Citypoint Engineering Sdn. Bhd. for inter alia, a declaration that the Letter of Award dated 16 May 2012 between BDSB and Citypoint Engineering Sdn. Bhd. was void ab initio and/or for loss and damage as well as for an account of secret profits arising from the breach on the part of Datuk Leaw Tua Choon and Datuk Leaw Ah Chye of their contractual, statutory, fiduciary and/or common law duties and/or obligations as Executive Directors of the Plaintiffs in respect of certain dealings concerning Citypoint Engineering Sdn. Bhd.
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miketyu
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Posted by miketyu > 2013-10-30 20:58 | Report Abuse
and proposed 10% share buyback. This is yet to be determined in the coming AGM. if this is to happen, expect the price to soar