KOTA KINABALU: Priceworth International Berhad (previously known as Priceworth Wood Products Berhad), an investment holding company based in Sandakan, has issued a statement on the state government’s Special Task Force’s recent inspection of timber operations in Sabah.
“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.
According to Koo, Priceworth has always ensured that it has fully complied with the relevant laws and practices that apply to all our Forest Management Units (FMU) including FMU5.
“As determined by SFD, Priceworth has only harvested according to what is permitted under the approved Forest Management Plan for FMU5. Strict conditions have been imposed on any movements of harvested logs, which we observe in our operations, and have remedied whenever we have discovered any lapses,” he added.
“Moreover, we have provided a performance bond to SFD as interim security for the transit of harvested logs being sent for the proper assessment of royalties to be paid. We wish to state that we have duly paid all royalties for FMU5,” Koo said.
Excelyou, then what is his cost for a unit share before ri and bi? How can u just calculated cost for ri and bi? His original holdings r diluted because of ri and bi....when calculating the cost... u should add up his original cost of holding that one share, add rm0.10 then divided by 4.... which u dont know exactly how much.... u post rm0.033 here is misleading ppl...
They dont need to rush for the early adoption since it is mandatory to adopt mfrs141 for quarter ended 30 sept 2018 which is just another 3 mths only... y want to rush it when it is not mandatory? And rush it at the final quarter of fy2017... do they early adopt mfrs15 too? Not mentioned in announcement isnt it? Both first year adoption in fy2018 but early adopt mfrs141 and not mfrs15 tgt... y? Both also need restrospective adjustment i think... something fishy la... use fv gain to make result looks good??? Share up and sell???
Qr definitely will be good if u look at monthly production report fo r april may june. Now the worry is just for production from july onwards. And whether pworth ilegal or violating their rules of logging or not.
I think kalabakan is belong to other company. I dont see any subsidiary company from pworth logging there. U can check from sabah forestry website. The tongod forest reserve is belong to lebihhasil company if not mistaken. Ranau only involved 5000 log and sandakan 509 log which probably belong to pworth.
I agreed with stockhunter Q2 2018 is good.... just the outlook... y rush for new standard adoption too... y delay report.... these r the things to be clarified...
Since richard koo mentioned so confidently that they comply the laws and doing legal logging. Lets pray for the best and hope priceworth will be cleared from all the investigation.
aiya, why malaysian investors are so simple minded haa?? in this case, you only look at one thing - FMU 5 is the biggest resources of timber harvest in Malaysia, whoever owns it for sure prosper! now ask! S&P to buy FMU 5 already done, right? Can the licence be revoked by the government? CANNOT! Can the S&P be revoked? CANNOT! then it's only matter of time PWORTH hit RM1, why care about the fuss going on at the moment? sigh!!! malaysian are mostly casino gambler la!!!!! hi there, I advise you to go gambling in Genting casino, better and faster to know whether you win or lose. don't stay around here showing your stupidity. you are insulting the definition of "investor". ok?
Pworth probably will do better after current massive crackdown in ilegal logging by new government in sabah. Ilegal logging company will be restricted from logging. Supply will be less in market and margin will be better. Flbhd qr has mentioned this in their report.
Stockhunter85 : there are 2 types of players in KLSE share market...1) Genuine investors (me) - they know why they buy in the share, usually they don't talk much in forum like this, only once a while come patronizing and try to wake up those zombies....2) Casino Gamblers - they always put themselves in big risks, have rm1000 but buy rm200,000 worth of share for contra. these are "zombies". Give you a tip, if you want to hear what people say, only listen to genuine investor, never take it to heart what the "zombies" say. Got it all???I'm done for my comment. don't be offended, i'm just trying to help in this situation.
i think excel buy share count average price by batch one.... this lot 0.07 i can sell 0.075.... next lot 0.10 i wait till 0.105....
Mfrs thing i already comment so much... think u dont understand... early adoption should had been done for quarter ended 30 sept 2017 if they had such intention... but the intention only come for quarter ended 30 june 2018??? Everything happened at the same timing... And explain y no early adoption for mfrs15 which also effective for fye beginning on or after 1 jan 2018? Announcement no mention woh...
U can buy if u confident with it in 1 or 2 years.... just that things still not clear so i think it is not the right time currently..
mkmk. Yes , I count by batch if I am like Tan Sri. Margin 4.5% per annum interest to buy access RI and sell within a month with few million profit , why still hold!
You just asking why now and not early. You dont understand the rationale and definitely not in forestry industry. Question why early adopt. You want to make life difficult!? Maybe you love to do but people don’t do it when it make no sense.
That is why MASB allow defer and defer so many times for Transitioning Entities.
I think they were waiting for gsr ptd ltd to get listed in sgx to raise the funs to pay fmu5. Unfortunately, gsr ptd ltd did not get listed yet till now. They were lack of cash to adopt ? Thats why delay? Then, they RI to get downpatment for fmu5 deposit?
may be the site preparation, adherence rules ,documents processing ,etc of fmu 5 has finished in the qtr ended 30/6/18, now the fmu 5 are in good-faith condition.
If the entire acquisition of fmu5 is complete, is it a requirement to make announcement? If they r unable to list gsr before deadline, they have to pay 40m and 200m by two tranches... have they paid?
If the acquisition of fmu5 not complete too as at end of june, then the mfrs141 is for the insignificant portion lol.... just wait another week for the report...
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
monorail
78 posts
Posted by monorail > 2018-08-31 11:21 | Report Abuse
http://www.theborneopost.com/2018/07/20/fmu-holder-says-it-complies-with-relevant-laws-practices/
KOTA KINABALU: Priceworth International Berhad (previously known as Priceworth Wood Products Berhad), an investment holding company based in Sandakan, has issued a statement on the state government’s Special Task Force’s recent inspection of timber operations in Sabah.
“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.
According to Koo, Priceworth has always ensured that it has fully complied with the relevant laws and practices that apply to all our Forest Management Units (FMU) including FMU5.
“As determined by SFD, Priceworth has only harvested according to what is permitted under the approved Forest Management Plan for FMU5. Strict conditions have been imposed on any movements of harvested logs, which we observe in our operations, and have remedied whenever we have discovered any lapses,” he added.
“Moreover, we have provided a performance bond to SFD as interim security for the transit of harvested logs being sent for the proper assessment of royalties to be paid. We wish to state that we have duly paid all royalties for FMU5,” Koo said.