Posted by mkmk > 2018-08-30 19:57 | Report Abuse

Early adoption decided until final quarter of the financial year.... so funny... trying to use fair value of timber concession to recognise huge profit push up the result and price?????

Posted by kakashi > 2018-08-30 19:58 | Report Abuse

Fuck up d

Posted by kakashi > 2018-08-30 20:03 | Report Abuse

Mon huge selling.

Posted by mkmk > 2018-08-30 20:09 | Report Abuse

Monday director and major shareholder throw lo...

Posted by stockjobber > 2018-08-30 20:11 | Report Abuse

Funny, no Monthly Production Figure announced yet ... Normally they will announce mid to before end of every month..
Something's wrong somewhere..!

Posted by excelyou > 2018-08-30 20:56 | Report Abuse

Auditor applying MFRS on FMU5 and calculation was complicated

Posted by kakashi > 2018-08-30 21:10 | Report Abuse

good thing is that they got Fri sat and sun to work it out
But seriously, It could touch 0.05

Posted by hypeman > 2018-08-30 21:16 | Report Abuse

0.05 is lowest in 52 weeks.. I feel like 0.6 is already adjusted price with insider knowledge on the delay

Posted by azta12 > 2018-08-30 21:18 | Report Abuse

relax ,don't panic, wait for the result as PWI will endeavour to announce/issue its Quarterly Report to Bursa Securities on or before 7 September 2018 , should be +ve to the shareholders as we know the log production jump for these 3 mths (may - june 2018) as reported. lets wait for the surprises, or additional goodies.

Posted by kakashi > 2018-08-30 21:20 | Report Abuse

insider on the delay is a good point. that explain the sell down.
I believe priceworth do not have history of delaying Quarterly report?
How about the illegal logging of 40000 confiscation?

Posted by soon9913 > 2018-08-30 21:40 | Report Abuse

Major shareholders keep selling everyday.. Charged them insider trading

Posted by soon9913 > 2018-08-30 21:40 | Report Abuse

Really don't understand how this can be happened

Posted by monorail > 2018-08-30 21:54 | Report Abuse

delay due to accounting transition is okay. not because document confiscated by authority or misconduct. wtk announced better result for timber division. just like taann and jtiasa. pworth will report excellent result too. monday drop better because can buy more.

Posted by excelyou > 2018-08-30 22:05 | Report Abuse

The delay in releasing the Quarterly Report is due to the followings:

1) On 19 November 2011, the Malaysian Accounting Standards Board (“MASB”) issued a new MASB approved accounting framework, the Malaysian Financial Reporting Standards (“MFRS”) framework. The MFRS framework is to be applied by all Entities Other Than Private Entities for annual periods beginning on or after 1 January 2012, with the exception of entities subject to the application of MFRS 141 Agriculture and/or IC Interpretation 15 Agreements for the Construction of Real Estate, including its parent, significant investor and venturer (herein called “Transitioning Entities”). Transitioning Entities will be allowed to defer adoption of the new MFRS framework for an additional six (6) years. Consequently, adoption of the MFRS framework by Transitioning Entities will be mandatory for annual periods beginning on or after 1 January 2018;

2) The Company falls within the scope definition of Transitioning Entities and accordingly, will be required to prepare financial statements using the MFRS framework in their first MFRS financial statements for the financial year ending 30 June 2019;

3) In order to enhance the comparability and relevance of the financial statements, the Company has decided to early adopt the MFRS frameworks and prepare their financial statements using MFRS for the current financial year ended 30 June 2018. According MFRS 141 Agriculture, biological assets shall be measured on initial recognition and at the end of each reporting period at its fair value less costs to sell, except where the fair value cannot be measured reliably; and

4) To facilitate the finalization of the valuation of the Group’s biological assets following the adoption by the Company of MFRS 141 as the Directors are of the view that the early adoption of MFRS 141 will result in a more true and fair financial position as well as enhance the comparability and relevance.

PWI will endeavour to announce/issue its Quarterly Report to Bursa Securities on or before 7 September 2018.

This announcement is dated 30 August 2018.

Posted by excelyou > 2018-08-30 22:06 | Report Abuse

When read announcement , read all.

Posted by SureWin1Woh > 2018-08-30 22:23 | Report Abuse

Sabah crackdown on timber cartel prevented me from investing in Pw. Now with Rashid being an insider selling loads of shares right after recent corporate exercise, it's definitely more things behind the scene that retailers may not know. If the upcoming numbers are good, why wouldn't Rashid just wait another week or so to max his profits. Please remember that he is a very seasoned investment banker.
Now, why the rush to adopt the new accounting ruling when the deadline is another year away. The management is well aware of this new ruling since early of this year. Why risk to get suspension for something that's not mandatory at this juncture.

Posted by 5c0160 > 2018-08-30 22:35 | Report Abuse

u are right. PWI is in trouble now . Price will be 0.04 monday. MAY be delisted soon by bursa.

Posted by kakashi > 2018-08-30 22:35 | Report Abuse

2 ways to interpret this delay but first reaction is bad news

Posted by hypeman > 2018-08-30 22:46 | Report Abuse

the illegal logging accusation does not only involve pworth.. but why only pworth delayed? hmm...

Posted by excelyou > 2018-08-30 22:50 | Report Abuse

"In order to enhance the comparability and relevance of the financial statements, the Company has decided to early adopt the MFRS frameworks and prepare their financial statements using MFRS for the current financial year ended 30 June 2018"

MFRS require PWI to adjust FY2018 if they don't do it for this year.
Early recognise of surplus in fair value, PWI can issue bonus issue in FY2019. If you're a corporate guy, you shall understand it.

Posted by soon9913 > 2018-08-30 22:55 | Report Abuse

Haha we do understand and read the announcement in full. Just curiousity
- why major shareholder sold huge volume of shares?
- this mfrs is not the new thing but why wait until last min and not able to submit report?!

Posted by KingOfStock > 2018-08-30 22:57 | Report Abuse

excel you~ agree with you,, ntg to worry..

Posted by soon9913 > 2018-08-30 22:57 | Report Abuse

Perhaps mfrs 141 is a new accounting standard. What a joke

Posted by soon9913 > 2018-08-30 23:01 | Report Abuse

Monthly production report also forgot to announce?

Posted by monorail > 2018-08-30 23:09 | Report Abuse

Drop to 4 sen is even better haha. Production for july dont need to worry so much. Result will be based on april to june production.

Posted by excelyou > 2018-08-30 23:10 | Report Abuse

When an announcement mentioned the reason of the delay, some people try to interpret something else.

When Tan Sri was able to subscribe access right issue (after his entitlement), he might got many million of right issue at only RM0.05 with bonus. Selling some to people to support the price while having profit of million, why not.

Posted by excelyou > 2018-08-30 23:16 | Report Abuse

Posted by soon9913
May 23, 2018 05:01 PM | Report Abuse

I made 10% loss and run lo. wait and see

……………………………………………………………………………………………….
PERHAP SOON9913 NOT HAPPY TO SEE PWI TO PERFORMANCE.

Posted by soon9913 > 2018-08-30 23:40 | Report Abuse

Haha.. Lets wait n c. I'm the shareholder too.

Posted by mkmk > 2018-08-30 23:49 | Report Abuse

Excelyou, do u know when was mfrs141 announced? 2011... masb let certain companies to start adopting it for fy beginning 1 jan 2018.... early adoption means one year ealier... means pworth knew this thing since 2011.... if they plan to early adopt it, they should have adopted it since quarter ended 30 sept 2017.... not so rush to adopt it for quarter ended 30 june 2018 (q4 fy2017)... 6 years to prepare lo.... not that we try to interpret something from announcement.... just that it doesnt make sense to rush this thing at this time... andearly adoption is optional.... their cfo can go to eat shit lo like this...

Posted by kakashi > 2018-08-30 23:50 | Report Abuse

Excel you... interesting comment

Posted by mkmk > 2018-08-30 23:52 | Report Abuse

Azta, i also projected a good result btw apr to jun 2018.. the result might surprise many when they fair value the timber concession.... but how is the outlook? Crackdown by new CM? Write off of the 40,000 logs? Those happened after june.... see if they disclose any subsequent events la...

Posted by tswong99 > 2018-08-31 00:18 | Report Abuse

isn't the acquisition of fmu 5 is in this year somewhere around april, so it is not strange to adopt the mfrs in this qr, right?

Posted by tswong99 > 2018-08-31 00:37 | Report Abuse

According MFRS 141 Agriculture, biological assets shall be measured on initial recognition and at the end of each reporting period at its fair value less costs to sell, except where the fair value cannot be measured reliably;, it could be the fair value of fmu 5 can be measured reliably just at this qr.

Posted by excelyou > 2018-08-31 01:41 | Report Abuse

MASB allowed 6 years deferment for Transitioning Entities. No reason to adopt early unless you want to make your life difficult and make no sense to adopt in 2017.

PWI recognise in this year because:-

- FY2019 will comparable to FY2018.

- Recognise surplus this year on FMU5 (last year can’t recognise yet) shall allow PWI to have a huge reverse and can issue bonus issue in FY2019.

- Huge reverse allow GSR Pte Ltd to list in SGX in coming months.

Posted by excelyou > 2018-08-31 01:56 | Report Abuse

If you are notice , news on illegal logs was in 18 July 2018 .

In 20 July 2018, PWI mention in the Star:

Following news reports in the wake of the Special Task Force’s recent inspections of timber operations in Sabah, we would like to state that Priceworth has always striven to meet the Sabah Forestry Department’s (SFD) high standards in all its operational undertakings, said its executive director, Richard Koo, in a statement yesterday.

In 20 July 2018, PWI. announce Company’s abridged prospectus dated 20 July 2018 in relation to the Rights Issue. If PWI was one of the listed company mention by state of Sabah, do you think RHB Investment Bank as adviser and joint underwriters like Kenanga, Aminvest , Mercury and MIDF allow PWI to announce the Abridged Prospectus?

Will Bursa and SC let you announce without scrutinise by them on the illegal logs?

I rather believe all the IB, Bursa and SC rather than those asking where is 40,000 logs!

Posted by Stockhunter85 > 2018-08-31 03:27 | Report Abuse

“Properly managed, FMU5 has the potential of producing more than RM1bil worth of LEGAL, CERTIFIED timber over the next decade based on the independent forester’s estimate.

koo mentioned in thestar newspaper dated 6/8/2018

Read more at https://www.thestar.com.my/business/business-news/2018/08/06/fmu5-is-worth-the-price/#0U8SVlPbiGmqfgSJ.99

Posted by Stockhunter85 > 2018-08-31 04:17 | Report Abuse

https://www.nst.com.my/news/nation/2018/07/392108/more-10-firms-suspected-logging-sabahs-forest-reserves

http://www.forest.sabah.gov.my/discover/167-tlas/544-issued-cert-principle-5-6

https://www.thestar.com.my/news/nation/2018/07/18/more-than-10-glcs-and-plcs-investigated-for-breaching-forestry-laws-in-sabah/

http://dailyexpress.com.my/news.cfm?NewsID=125895

http://www.dailyexpress.com.my/news.cfm?NewsID=126305


* hope this will help u all ... the most number of logs involved is at kalabakan. FMU5 is at ranau. Tongod and kalabakan got the most log being investigated.

Posted by mkmk > 2018-08-31 07:12 | Report Abuse

They have other fmu too la... not just fmu5... as i said, u have 6 years to prepare... y wait till now? News on acquisition of fmu5 was march april 2017 too...

Excelyou... wat huge reverse? Reserve?

Stockhunter, outlook???? Maxland still not resume their extraction work... machinery still being held... if acc issue, y dont disclose extraction volume?

Posted by Stockhunter85 > 2018-08-31 09:54 | Report Abuse

Now the special task force is investigating. Pworth cant disclose the extraction volume because part of volume being held for investigation? What if they r found crimeless and logging activity resume to normal after the investigation?

Posted by Stockhunter85 > 2018-08-31 10:00 | Report Abuse

I think the forest reserve at kalabakan,tawau is belong to other company. The log numbers involved is 20000 out of the 40000 log that being held. And they did mention in the news that they cant confisticate it yet for now. Just investigation going on.

Posted by Stockhunter85 > 2018-08-31 10:08 | Report Abuse

I just feel weird on the timeline. All the raid were happened on 16 july, 18july and 3 august 2018. But, Richard koo talked all the positive news on pworth and claimed they producing legal and certified timber newspaper dated on 6/8/2018.

Posted by Stockhunter85 > 2018-08-31 10:17 | Report Abuse

I don't know how long they have had the licence, but I think it is quite a while," he said. He said 8,000 logs could perhaps involve tax leakages worth over RM1 million. Just imagine the amount of loss incurred if they have been in operation for a long period of time… irresponsible acts mean we have lost a lot of resources.

How long has this been going on?"

On whether it is linked to the previous Umno-led Barisan Nasional government, he said: "I won't say it now but of course the ones who gave the approval is not the current government.

On whether politicians are involved, he said "I don't want to comment on this, we have lodged police reports as well as alerted the MACC, and after that action will be taken."

At the moment, there are 9,300 logs at a sawmill and forest reserve in Tongod, 549 logs at a sawmill in Sandakan and 5,091 logs in forest reserves in Ranau.

In Kalabakan, 6,221 logs were discovered in the forest reserve and 19,000 logs were found at two sawmills.



"Only8,000 logs could perhaps involve tax leakages worth over RM1 million"



http://dailyexpress.com.my/news.cfm?NewsID=125895

Posted by mkmk > 2018-08-31 10:43 | Report Abuse

Means they r not in possess of the logs now? Logs will rot de leh.... ends up it maybe written off unless they can claim compensation... as i said their tractor etc still being held, so highly lightly fmu5 not producing any logs in Aug... outlook is glooomy unless they r cleared of any wrongdoings and resume operation.... the accounting one is really just an excuse la... u know u can play ard FAIR VALUE de loh... somemore it will involve such a complex calculation... and the auditor not even Big4..

Posted by mkmk > 2018-08-31 10:43 | Report Abuse

Just wait their report to get clearer situation...

Posted by soon9913 > 2018-08-31 10:48 | Report Abuse

The management is not strong and good enough to comfort the shareholders.

Posted by soon9913 > 2018-08-31 10:51 | Report Abuse

I remembered I read news before that ex Rhb boss's intention is to hold for long term.
Why selling now at almost the low price at 0.06, ex right price 0.14 (0.06*4shares less 0.1 RI cash)?

Potentially something is brewing which normal shareholders don't know that's why speculating here

Posted by soon9913 > 2018-08-31 10:54 | Report Abuse

The boss should come out and clarify. Small shareholders are worries as thess are their hard earn money.

Posted by soon9913 > 2018-08-31 10:56 | Report Abuse

The RI only completed last month, how to recognised the reserve in Q218?

Posted by soon9913 > 2018-08-31 11:00 | Report Abuse

The cfo also didn't do his job professionally. Should propose for change already

Posted by excelyou > 2018-08-31 11:13 | Report Abuse

Yes, Reserve. Sorry.

Tan Sri applied many million of access of RI, not what his entitled.
His cost shall be RM0.05 for 1,500 shares, equal to RM0.033.

Reserve come from FMU5 due to MFRS, not RI.