Looking at the balance sheet, we can see that the company is facing some liquidity issues in the near term. With current liabilities of RM30.6mil (of which RM13mil are in debt) and with a current asset of only RM4.7mil (of which cash is a mere RM180k), the company will need to raised more capital soon in order to pay off their immediate obligations. Given the current obligation amount is twice of its current market cap, it would most likely need to raise the capital via a right issue exercise.
Ire-Tex Corp Bhd has slipped into Practice Note 17 (PN 17) status after its external auditors Nexia SSY PLT expressed a disclaimer of opinion on the group's financial statements for the financial year ended June 30, 2019 (FY19), in its annual report issued on Oct 31.
ermm,,..i saw their counterpart Zhangzhou Thaiyou got sell face mask.....not a surprise if suddenly Iqzan turn their production to face mask..., their shareholder got inside Nexgram which recently got agreement with covid-19 test kit in indonesia,
why should include this stk; read below;.......................
Reference is made to the Malaysian Government announcement on the Movement Control Order (“MCO”) started from 18 March 2020 and subsequent with Conditions Movement Control Order (“CMCO”) extended until 9 June 2020, the Company remains in operations and the deal with Zhengzhou Thoyu Import & Export Trading Co, Limited for distributorship and joint venture in automatic press pallet manufacturing machinery products and services in South East Asia is in progress. Meanwhile, the Company continues looking in other business opportunity during the Covid-19 pandemic, including in the lab test and medical relates.
On the other note, the Company has been clearing up the issues in stages with the External Auditors pertaining to the issues raised in the Disclaimer Opinion stated in the Audited Financial Statements for the financial period ended 30 June 2019, as the main reason found was due to Auditors was unable to complete their task within the timeframe quoted as they were unable to sight the supporting documents.
The Company refer to the circular dated 26 March 2020 by Bursa Securities which states that in view of the on-going MCO arising from the COVID-19 pandemic, PN17 companies whose First Announcement was made between 2 January 2019 to 31 December 2019 will be allowed to submit their regularisation plans within 24 months (instead of 12 months) from the date of the First Announcement made by the Company.
as u read carefully, they have good relationship with china counterparts, and currently they're looking other business...which is LAB TEST AND MEDICAL RELATES .... believe it or not.... you guys decide on your own.. invest mean buy and hold...and take profit, =) ,
With the ongoing dispute of China and US, more China company wll come and JV with a Malaysian company. Espc in the healthcare, mask and glove sector. No US or EU customer want to risk dealing with China company directly now. Malaysia is the world standard now and Iqzan with experience in packaging will be at an advantage.
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....
butterflyeffect
78 posts
Posted by butterflyeffect > 2019-03-20 18:47 | Report Abuse
Sudah goreng kah? 20¢ coming