Cita not a company with own business skill,it is a investment management company,layman language means opportunist company,consolidate of share no benefit for share holder
If u look at AGES, from 0.015 consolidated - > 0.60 but the prices drop now around 0.150 .. They consolidated so that prices can go much2 lower.. without conso cannot down no more hitting the floor..
It has to cast off penny stock image in order to get more business from local partnerships as well as overseas. The consolidation is in the right direction.
This is just an impairment of "goodwill" (a concept that only works in accounting anyway) to explain the "premium" paid for the excess 6.5 sen due to the placement of CESSB's acquisition at 19 sen the last time (as the share price went up to 25.5 sen instead). So the company decided to impair the excess 6.5 sen instead.
See further page 15 of the 4th quarter from the management's explanation:
"If exclude the "one off" goodwill impairment, the Group would have registered a profit before taxation of RM2.0 million and RM8.8 million for the 4th Quarter 2022 and full financial year ended 31 December 2022 respectively."
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anthonytkh
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Posted by anthonytkh > 2023-02-20 17:18 | Report Abuse
They are hoping they’ll no longer be a penny stock, Sharon