Original cost of investment for the 3 pieces of land way back in 2007 was around 90 mil. The lost reported is against 2022 valuation as these properties are under Investment Properties and are thus revalued yearly
Loss mainly comes from plantation given huge track of land is still unplanted but the 47k hectare land (90% owned by Puncak) was purchased at 470mil which is a good buy
=MARKET BUZZ: Malaysia's Puncak Niaga Surges 16%, Closes In On Two-Year High
KUALA LUMPUR (Sep 25) -- Malaysia's Puncak Niaga Holdings surges as much as 16% to MYR0.43, its highest since October 2021, adding to Friday's 8.8% gain. Traders are "very bullish" judging from technical indicators and surge in trading volume, says technical analyst with local brokerage. Notes, Puncak's "gap up" took out out two resistance levels and has since breached more resistance levels with all major moving averages now "turning into support levels." Says, "you should watch for MYR0.435, which is not very far away from where we are right now... if that's breached, then the next resistance is MYR0.465," which is September 2021 high. Adds, RSI and other momentum indicators are in positive territory, but "they haven't gone into overbought territory, so there is still some upside to go." Shares now at MYR0.41. Volume at 23.8 million shares.
Reference is made to our earlier announcement dated 22 April 2024 in relation to the above matter.
Puncak wishes to inform the Exchange that the Company had on even date received a letter dated 15 October 2024 from the Companies Commission of Malaysia notifying that Puncak Patem Konsortium Sdn Bhd (“PPKSB”) had been struck off from the Register of Companies Commission of Malaysia pursuant to Section 550 of the Companies Act, 2016 on 7 October 2024.
Accordingly, PPKSB ceased to be a subsidiary of Puncak on 7 October 2024.
Most of the plantation companies are making huge profit with the good FFB price now, why is Puncak still bleeding with down trend production volume? Something is very wrong with the management
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Posted by ocbc > 2023-09-07 11:26 | Report Abuse
Puncak Niaga to Sell Three Plots of Land in Ijok at a Loss for RM306 Mil Cash