Posted by OtisKL > 2023-11-07 10:54 | Report Abuse

Good morning guys...wow, looks so quiet, everyone tired of commenting I guess.

Posted by OtisKL > 2023-11-07 11:23 | Report Abuse

@YusufM, let's have our list too...

Anyhow, I truly believe the rights of one's own expression should prevail, so, MacDee34 deserves to voice "its" opinions just like everyone else here, as long as the respect, non-religious, any sensitive issues are avoided at all times.

Posted by batigoal > 2023-11-07 14:22 | Report Abuse

When KNM will recover from these setback

Posted by OtisKL > 2023-11-07 15:45 | Report Abuse

@batigoal, in due time, so many things have happened to the company in the past less than 3 months and the board has been busy putting off the fires, they need to get the team back to work, back to basics, get good contracts in, boost up revenues.

Posted by ChloeTai > 2023-11-07 16:20 | Report Abuse

KUALA LUMPUR (Nov 7): Edaran Bhd’s share price hit an 18-month high of 71 sen in Tuesday morning trade, after its unit Edaran IT Services Sdn Bhd won a contract to maintain the Royal Malaysian Customs Department’s operating system and MySST (Malaysia Sales & Services Tax) application worth RM89.88 million — which is almost three times the company’s market capitalisation based on its Monday (Nov 6)’s closing price.

In a filing on Monday, Edaran said the contract, which was awarded by the Ministry of Finance, started on Sept 1 and will span a period of four years.

Posted by Auntylee > 2023-11-07 17:54 | Report Abuse

Ini forum allow semua orang free to talk three talk four, why need to black list or report???🤔

Posted by OtisKL > 2023-11-07 19:10 | Report Abuse

@Auntylee, betul betul betul, live and let live... repot2 tausah lar...

Posted by OtisKL > 2023-11-07 19:14 | Report Abuse

Hari ini MacD cuti kah? Tadak bunyi ini hari...

Posted by OtisKL > 2023-11-07 20:49 | Report Abuse

Malaysia has tabled the long-awaited Companies Amendment Bill 2023. The Bill aims to usher in significant restructuring and insolvency changes like cross-class cramdown, pre-packs, and super priority rescue financing. The 9 significant key reforms:

1. The wider restraining order moratorium.
2. Cross-class cramdown in schemes of arrangement.
3. Pre-pack schemes of arrangement.
4. Improvements to scheme procedure.
5. The greater role of the court-appointed insolvency practitioner in schemes of arrangement.
6. Super priority rescue financing for schemes and judicial management (JM).
7. CVA for more companies (including listed companies).
8. JM for more companies (including listed companies) and the Court decides on the period of extension of the JM order.
9. Protection for essential goods and services for insolvency related events.

Posted by OtisKL > 2023-11-07 21:08 | Report Abuse

The CA2016 amendments Bill 2023 may not be gazetted in time for KNM to apply in its situation which may lessen alot of hassles and money wastage.

KNM still commands a good fundamentals, it continues to have a steady stream of revenues. Its just the last mile achievement to close the gaps to break even, and with prudent control of costs of sales, and big push for big contracts to secure, and chop bleeding entities, KNM will be home to recovery.

There are experienced and calibre members in the board thats capable of bringing in fresh business deals to the table if it's fast forward sooner, will pacify grumpy parties among the stakeholders. So, the answer is fresh money! Liquidation isn't always the right and wholesome way to a financially distressed company.

Posted by OtisKL > 2023-11-07 21:16 | Report Abuse

KUALA LUMPUR (Sept 7): Cash-strapped Sapura Energy Bhd has secured a six-month extension to its standstill period from its multi-currency financing (MCF) financiers under the Corporate Debt Restructuring Committee (CDRC) regime, pushing the end-date to March 10, 2024.

“In line with Bank Negara Malaysia’s CDRC Participant’s Code of Conduct, the MCF financiers are to continue to observe the informal standstill and withhold all legal proceedings, and/or any other recovery action initiated or intended against Sapura Energy and/or the admitted group of companies,” the oil and gas services provider said in a bourse filing on Thursday.

It noted that the CDRC’s decision to extend the standstill period past the coming Sept 9 expiry date was in consideration of the current progress of the group’s proposed restructuring schemes.

The former Sept 9 standstill period end-date was a result of an extension it was granted by the CDRC back in February this year.

The Practice Note 17 outfit said the nine-month extension of the restraining orders it received from the court against its creditors back in June was also a factor in the CDRC’s decision. The restraining orders also end on March 10 next year.

According to the filing, the admitted group of companies are Sapura Energy, and its wholly-owned units Sapura TMC Sdn Bhd, Sapura Fabrication Sdn Bhd, Sapura Offshore Sdn Bhd, Sapura Subsea Services Sdn Bhd, Sapura Pinewell Sdn Bhd, Sapura Technology Solutions Sdn Bhd, Sapura Drilling Pte Ltd, Sapura Drilling Probadi Sdn Bhd and Sapura Petroleum Ventures Sdn Bhd.

The CDRC accepted Sapura Energy’s application to mediate in the group’s debt restructuring negotiations with its MCF financiers back in September last year.

It was previously reported that the group owes RM10.3 billion to nine lenders grouped under financiers of its MCF facilities, and an additional RM5.3 billion to vendors.

Shares in Sapura Energy closed unchanged at six sen, giving the group a market capitalisation of RM878.85 million.

Posted by maxwin69 > 2023-11-07 21:33 | Report Abuse

For any business, whether distressed or otherwise, they will always face 3 challengers. (1) Bring in more customers, (2) Make those customers happy by delivery of promises made by the marketing department, including production and after-sales service, and (3) provide funding and financing for both the capital requirements of the marketing and production departments.

If you ask me, I would say the first department (marketing) is the most important. What's the point of doing production and having lots of funds if we can't bring in the customers, right? No customers = no business.

One of the biggest problems for the marketing department, if not the biggest, is competition. Today, the marketplace for every product and industry, is full of players trying to snatch away our customers and make them their own. We used to talk about barriers of entry such as high capital requirement or high technology. The fact is that no matter how high the barriers of entry, if the business project is really profitable, we can expect players to overcome whatever barriers and compete with us.

We hope the KNM team can be great businessmen with capable people who are good at marketing, experts in production, and able to raise sufficient capital for the business. Let's give them some room to perform. As we can see, doing business today is no joke. It's not for the faint-hearted.

Posted by OtisKL > 2023-11-07 22:05 | Report Abuse

@maxwin69, hello there.. yes, agreed to your comments. Marketing dept does play pivotal role in boosting up the sales. In a capital intensive industry like KNM currently involves, there are several techniques to see this issue, one of them is formulation of good business terms with the customer, like upfront deposits, WIP pymts, shorter delivery time, efficient supply chain, improved productivity by by continuous orders with minimal gaps, etc, while opting for factoring facility to free up cash for more orders and service trade suppliers. Another option is (may sound inferior) partnering with another competing company jointly fulfill the orders. End of the day, any incremental sales closes the gaps between losses and breaking even. Positive mind is key.

Posted by OtisKL > 2023-11-07 22:14 | Report Abuse

The below is another example of a case study we can learn from (for discussion purposes only, your own discretion is required as its your money)

On 31 December 2020, Sentoria Bina issued its explanatory statement ahead of the scheme meeting scheduled for 29 January 2021. This explanatory statement set out the proposal for the proposed scheme of arrangement.The financial aspects of the scheme were proposed with the guidance and advice of BDO and Ernst & Young. The proposed scheme was also formulated on their advice and that they too have taken the view that the scheme is more viable to Sentoria Bina and the creditors as opposed to liquidation.

The High Court in the case of Re Sentoria Bina Sdn Bhd (grounds of judgment dated 9 July 2021) dealt with scheme of arrangement issues. First, that a restraining order could extend to the corporate guarantor of the applicant’s company. Second, the case dealt with the principles for sanction of a scheme of arrangement.

The scheme was deemed speculative as contended by some of the interveners. The Court agreed that an intelligent and reasonable person would approve because:

1. Some of the interveners are not opposing the scheme. They are merely requesting that their debt be varied/increased, as SOA has significant variation, which the interveners showed proofs and the company verified at later stage.

The proposed scheme does not entail any reduction in the scheme debts. Merely an extension of time to pay the debts in full over 6 years.

There was BDO’s opinion (as the financial advisor of the scheme) that creditors are only expected to recover 11.5% of the sums in a liquidation of Sentoria Bina.

Posted by OtisKL > 2023-11-07 22:18 | Report Abuse

So, the fundamental question arises with a saying, "why slaughter a golden eggs laying goose 🪿 when it can continue to lay golden eggs in the years to come?"

Posted by KW L > 2023-11-08 11:31 | Report Abuse

if KNM fundamental is so good, why its business failed? I doubt Borsig really generate good cash flow, otherwise why after 2 years of Thai bond default still not paid a single cent.

Posted by KW L > 2023-11-08 11:33 | Report Abuse

unless the holes and too many and too big. Then KNM should close the those sink hole and then recover. So far didn't see any such action other the keep repeating between IPO and dispal to the Borsig and FBM.

Posted by OtisKL > 2023-11-08 13:15 | Report Abuse

@KWL, yup, fundamentals are still good, but it got into trouble. Due to the company's rapid expansion without considering the implications it may have on its cash flow and external market environment.

The default of Thai bonds was observed to occur even 12 to 15 months prior to the occurrence, as evidenced by its business patterns. And of all the things, comes the Covid 19 pandemic, which has hit every person on this earth, one way or the other. The ethanol project has stalled for far too long, with no production, but the expense of simply maintaining it is high based on published financial reports. If liquidation word is taboo, then get another partner in, reduce your share, and get it to take off. Of course, you need more cash to do this. There is no other way else.

For every issuance of bond, there is a guarantor, between the bond buyers and issuer. The guarantor CGIS has paid the bond buyers as per published articles, but KNM didn't pay CGIS...hehehe.

The reason why we hear 2 different concepts (IPO or Disposal), based on their reports, they are doing both, see if Borsig can be sold at minimum Euro350mil or more under M&A concept, or IPO it. As the IPO date is coming closer, they are leaning towards IPO now.

Posted by Vhydro > 2023-11-08 21:58 | Report Abuse

Fundamental still good? lol

Posted by Aati99 > 2023-11-09 15:19 | Report Abuse

tak ade fundemental sementara ni... Ha

Posted by Apastock > 2023-11-09 15:54 | Report Abuse

apa fundamental good

Posted by Medusa > 2023-11-09 16:41 | Report Abuse

Habisla anak taik mahmud keep selling

Runnnnnnnnnnnnnnnnnnnnnnnnn

Kikiki…

Posted by Vhydro > 2023-11-09 20:35 | Report Abuse

The Company wishes to announce that one of the conditions precedent in the SPA for the Proposed Disposal, i.e. to obtain the Golden Power Clearance, has been rejected by the Italian Government, vide its letter dated 7 November 2023, which was received by the Company on 8 November 2023.

Posted by Vhydro > 2023-11-09 20:37 | Report Abuse

Previous plan to sell Borsig, failed
Previous plan wanted to list FBM Hudson, failed
Now plan to dispose FBM Hudson, failed as well.

Cakap pandai je.
Mungkin listing of Borsig on Sgx will fail too.

Good fundamental??

Posted by Apastock > 2023-11-09 20:42 | Report Abuse

wah.. macam macam ade

Posted by speakup > 2023-11-09 21:16 | Report Abuse

https://theedgemalaysia.com/node/689544

Posted by Bullkobear > 2023-11-09 21:49 | Report Abuse

Roller coaster ... bad news is good news.

Posted by OtisKL > 2023-11-10 00:03 | Report Abuse

It's interesting development on rejection of FBM disposal to an UAE entity. The real reason of the rejection is not disclosed. Why ah?

This KNM has lots of surprises every turn it makes...

Posted by OtisKL > 2023-11-10 00:08 | Report Abuse

It's coming to almost 1 month now since EGM, share price not breaking the floor rate 9sen. Investors are holding on to it. What are the backup arrangements to sustain at this price? 🤔 This company really gives goosebumps 😄

Posted by Vhydro > 2023-11-10 00:18 | Report Abuse

9 sen will become ceiling price tmr

Posted by Jonathan Keung > 2023-11-10 08:16 | Report Abuse

More bad news for KNM. Sale of FBM Hudson rejected by Italian government. All the so called restructure plans *mati *
Everything

Posted by OtisKL > 2023-11-10 10:18 | Report Abuse

Good morning, toll free on Saturday and Sunday for deepavali. Tuesday unrecorded leave for government servants celebrating deepavali.

Posted by OtisKL > 2023-11-10 10:25 | Report Abuse

#Woodswater, how to lelong FBM when the Italian government doesn't want to allow it to be sold? Hahaha 😆 if cannot sell, then can rent it out meh? It's like marriage cannot get divorce...😂🤣😃

Posted by OtisKL > 2023-11-10 10:29 | Report Abuse

@Jonathan Keung, the company must device a backup plans by now. Liquidation isn't the only answer to it, using the concept of "blessings in disguise"...

Posted by OtisKL > 2023-11-10 10:32 | Report Abuse

In a financial distress situation where a loss-making subsidiary cannot be sold, options to raise funds might involve:

1. **Debt Restructuring:** Negotiate with creditors to restructure existing debt, extending repayment terms or adjusting interest rates.

2. **Equity Infusion:** Seek additional equity investment from existing or new investors to inject capital into the subsidiary.

3. **Asset Monetization:** Identify and sell non-core assets held by the subsidiary to generate cash.

4. **Cost Reduction:** Implement aggressive cost-cutting measures within the subsidiary to improve its financial performance and reduce losses.

5. **Government Assistance or Incentives:** Explore any government programs or incentives that could provide financial support to struggling businesses.

6. **Joint Ventures or Partnerships:** Form strategic alliances or joint ventures with other companies to share resources and financial burdens.

7. **Contract Restructuring:** Renegotiate contracts with suppliers or customers to improve cash flow and alleviate financial pressure.

It's crucial to assess each option carefully based on the specific circumstances, considering legal, financial, and operational implications. Seeking professional advice from financial experts or consultants can provide valuable insights tailored to the situation.

Posted by OtisKL > 2023-11-10 12:59 | Report Abuse

@Woodswater, if we have the magic ball, we would have bet on water companies, see how the share prices going up, all the big taikor buying up substantial shares into water service providers to take control, YTL, Sunway, etc... the moment our water tariffs going up soon.

Posted by OtisKL > 2023-11-10 13:05 | Report Abuse

Uplift from PN17, need to have 3Q +ve profits, and sustainable. When Airasia X submitted for PN17 uplift, kena shot down, Capital A boss said, jual 3 planes every qtr, can come out PN17. I think Bursa imposed additional terms now.

Posted by KW L > 2023-11-10 16:28 | Report Abuse

FBM can still be sold, I think not to those middle east companies probably due to political issues.

Posted by KW L > 2023-11-10 16:31 | Report Abuse

The management is aware of this condition but never seek initial guidance from the Italian govt.

Posted by OtisKL > 2023-11-10 18:28 | Report Abuse

@KWL, noted with thanks. I reckon so too. On the positive side, we know that Italian government considers Malaysia as a friendly nation.

Posted by maxwin69 > 2023-11-10 18:49 | Report Abuse

Yes, OtisKL, KW L is right. FBM can still be sold. The problem is not that the Italian gomen don't allow it to be sold. They only have issue with this particular buyer, especially due to current Palestinian conflict. That buyer is from a country friendly with Hamas. So, now we either find a buyer from another country or we still sell back to this interested and rich buyer but using higher corporate structuring skills. Without mentioning names, haha... the guy handling this project didn't know how to handle properly and bungled up. From one standpoint it's a hilarious situation. On the other hand it causes more stress on Tunku, because he got KPI ma. We are all watching. He need to nail this. Good luck to Tunku. Hope he fix this project soon.

Posted by maxwin69 > 2023-11-10 18:53 | Report Abuse

On a side note, more Palestinians are coming out to say they don't like their Hamas gomen who has not held elections since 2006. In fact, a majority of Palestinians don't like Hamas. Their brutality, barbarism etc are coming out into the open. More and more countries are acknowledging that Hamas is a terror organisation and Western countries like the US will sanction any country that are friendly with Hamas. That means Malaysia, with our PM and former PM Mahathir, on kissing terms with Hamas and their top leaders. You can google "Anwar or Mahathir and Hamas" and see all the news and photos on how friendly they are.

Now I'm not only worried for KNM. I'm worried for Malaysia kena sanctioned. Adoi...

Posted by Michael Kwok > 2023-11-10 19:32 |

Post removed.Why?

Posted by KW L > 2023-11-10 20:48 | Report Abuse

KNM wasted one year plus on FBM disposal and yield no results. Honestly, this is very disadvantage to the coming 14 Nov case.

Posted by OtisKL > 2023-11-10 21:42 | Report Abuse

@Maxwin69, thanks for the clarification, truly appreciate it. Of course, the middle east conflict may bring down several countries together, but keeping quiet logically speaking a bit selfish, and involving too much also gives trouble. In my personal opinion, I might be wrong, the interpretation I can envision Hamas and Tamil tigers in Sri Lanka sounds similar. A rebel group that started for good cause may have gone off track.

If most countries busy with the conflict, including China that sent its troops to suez canal region, and US sent their biggest ships, all neighbouring countries including Egypt and Syria armies at borders, its like a fire 🔥 and petrol ⛽️ next to each other... one misstep, H...A...B...I...S

Posted by Selena Yeoh > 2023-11-11 08:01 | Report Abuse

Yes, you're right. Shareholders want to be updated on what's happening to the company. When things are not going smoothly and they are in the dark they will vent their frustration during AGM and vote against the management.

But that's human nature, right? People don't like to admit their mistakes. The Devil is in the execution. Like they always say, the idea is there. Yes, we can have good ideas and strategies but they need skill to be executed. That's the difficult part and that is what KNM is facing right now.

There are very few people like Warren Buffett who can own up and say, Look guys, sorry I made some mistakes and caused you to lose money.

The good thing is that Tunku knows exactly what went wrong and he can got the right guys to fix it.

Posted by KW L > 2023-11-11 12:50 | Report Abuse

If Tunku is so good, what has he fixed over the last few years when he is in control?

Posted by KW L > 2023-11-11 12:50 | Report Abuse

Action speaks louder than words

Posted by i3lurker > 2023-11-11 13:18 | Report Abuse

the future is known...............will be delisted and liquidated by auction to highest bidder.

return to shareholders = RM0.0000000000000 per share

the best way.

Posted by maxwin69 > 2023-11-11 15:02 | Report Abuse

Tunku took over as Chairman exactly one year ago. Within weeks the company went under PN17, the leftover pile of shit from previous management. He needed time to assemble his team of professionals to handle the business part ie marketing, look after production and look for funding. He needed another corporate team for corporate structuring which includes selling off loss-making subsidiaries and listing of Borsig. Shareholders are now still giving him a chance to perform, without disturbing him too much. At the same time, German guy and Flavio/Tan trying to overthrow him from inside. Hopefully now he has some breathing space to make things happen. He knows a lot of people are impatient oredi. The ship is on fire and sinking fast.