The volume so high on Friday. Potentially new shareholder already enter. Usually will take 1 week to proceed. Maybe it will drop on Tuesday but once the news releases then it won't so cheap anymore. Collect when it still low
Interesting article on WRP Asia Pacific SB- Here you go-
Glove manufacturer WRP Asia receives emergency funds to pay wages owed to migrant workers, following liquidation
Author: Geraldine Tong, Malaysiakini, Published on: 13 January 2020
"Glovemaker WRP get emergency funds to pay workers", 2 January 2020
An emergency shareholders injection of RM3.25 million was today channelled to the liquidators of glovemaker WRP Asia Pacific Sdn Bhd to enable the beleaguered company to pay its workers. The firm... issued an internal memo to announce a temporary suspension of operations. The emergency cash by shareholders was pumped by private equity fund TAEL Partners, WRP's board of directors said...The firm's board has also drawn up a plan to revive the firm and offered a "turnaround team" to assist the interim liquidators... This comes three months after WRP was banned by the US Customs and Border Protection... agency on suspicion of using forced labour. Last January, nearly 2,000 of WRP's Nepali migrant workers held a three-day strike over months of unpaid wages...
Glove maker WRP Asia Pacific Sdn Bhd has initiated legal action against its former managing director and CEO Datuk Lee Son Hong as part of efforts by its directors to revive its business.
"The company was mismanaged by the previous CEO Datuk Lee, who refused to account to the board of directors as to WRP Asia Pacific's state of affairs," WRP Asia Pacific said in a statement today.
"With scant regard to the company or its employees, on June 17, 2019, Datuk Lee conspired to wind up the company and there is presently an action in court for conspiracy to injure.
"Additionally, the board of directors has also filed an action against Datuk Lee for criminal breach of trust involving RM8.4 million. On Nov 29, 2019, the board removed Datuk Lee as the managing director and CEO of the company," WRP Asia Pacific added.
KUALA LUMPUR: TAEL Partners, a private equity fund, has agreed to a second round of emergency shareholders' injection of RM22mil into WRP Asia Pacific Sdn Bhd.
The lawyers acting on behalf of the current board of directors (BoD) of WRP, Thomas Philip Advocates and Solicitors, said the funds are intended to be channelled to the INTERIM LIQUIDATOR. of WRP Asia Pacific SB..
It will terbang lagi macam glove stock. One person need to test two times, imagine those bangla workers, how many of them in malaysia? Not counting locals yet.
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beachboy
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Posted by beachboy > 2020-06-07 13:56 | Report Abuse
The volume so high on Friday. Potentially new shareholder already enter. Usually will take 1 week to proceed. Maybe it will drop on Tuesday but once the news releases then it won't so cheap anymore. Collect when it still low