Your post balance sheet event suggestion may work after a reporting period but before the financial statements for that period have been issued.
Let's talk about a specific project - the 45 metric tonne per day Chlorine Skid Mounted Chlor-Alkali Plant in Tanzania
--- Funds Used in the Tanzania Project ---
Serba's 31 Dec 2019 Financial Results showed that RM111.113M was used in the Tanzania project Utilisation of Proceeds from Private Placement on 30 January 2018
Details of utilisation of proceeds: Working capital for the EPCC work in Tanzania Actual Utilisation: RM 111.113M
--- Income recognized from the Project ---
The total income recognized from the Tanzania project is RM194.813M and comprises:
1) As at 10th Sep 2021, Google Map's satellite image of the site (Msufini Area, Mlandizi Ward, Kibaha District, Tanzania) is still showing that it is still a piece of empty land. Nothing has been developed and there is no equipment at the site.
2) Junaco (T) Limited and the directors, Justin Lambert and Vedastina Lambert remain insolvent and does not have any assets to satisfy judgment debts owning to numerous claimants in Tanzania.
3) In July 2019, the African Development Bank issued a request for expression of interest for Consulting Firms to be the Lenders’ Technical Advisor (Consulting Firm) for the construction and operation of Chlorine Chlor-Alkali plant in Tanzania. The services to be provided under the Assignment included: "Development of 45 Mtpd (over 16, 200Mtpy) Chlorine Chlor-Alkali plant in Msufini area, Kibaha district coast region of Tanzania." This request invariably suggest that there is no existing Chlorine Chlor-Alkali plant in Msufini area, Kibaha district coast region of Tanzania as at July 2019.
4) the JV company that owns the plant in Tanzania is Sufini Holding Ltd (CBLS No 11545098 BL local no 000001141). Sufini's business license has expired as at 19th Feb 2021.
Are you now alleging that:
--->>> RM111.113M was actually transferred to Sufini Holding Ltd as working capital for the EPCC project in Tanzania
--->>> The receivables totaling RM194.813M as at 31st March 2021 for the Tanzania have been paid by a few remittance advice from unknown entities; for products/services from a non-existent plant; to Sufini with expired business license?
--->>> And you personally seen evidence of the 'few remittance advice' to settle the receivables for the Tanzanian project
- pearlwhite .
Thanks. Appreciated the previous analyses and work done by you too. But I do not consider them up to the threshold of "auditing standards". But to each their own. You may be from another industry. I understand that.
Your work was very good, but all was dismissed by a few remittance advice (as far as customers/vendors were concerned).
If you have further details you wish to share or additional work done, feel free to share them. I would be more than glad to have a look and revert with ways to move it forward.
PSAi3alert So, your analysis and information is based on your 'EXPERIENCE dealing with SIR with Bursa/SC/Bukit Aman' on some other company. And that EXPERIENCE is unrelated to Serba.
Well, that's not insider information. It's your hallucinated information. 10/09/2021 9:14 AM
Menu Will Serba’s major shareholders ever consider taking company private? By Cheah Chor Sooi 2 hours ago in Featured, Markets, Top
CAN prospect of privatisation be looming in Serba Dinamik Holdings Bhd given that the patience of its major shareholders may be thinning having to watch the company’s share price stagnating at the 40 sen zone since end-July?
Obviously it pains the heart to be watching from the sidelines the gloom more so as the stock price of the global integrated oil & gas (O&G) outfit remains range-bound even as the FBM KLCI has shown some uptrend since the appointment of Malaysia’s ninth Prime Minister on Aug 20.
What If…Peggy Carter had been chosen as Captain America Sponsored by Disney+ HotstarLearn more Delving on the privatisation, a market observer contended that although the share price of Serba Dinamik has been badly hit due to governance issue emanating from the flagging of accounting discrepancies in its FY2020 financials by former external auditor KPMG PLT, the company’s fundamentals seem to remain intact with an outstanding order book.
In recent times, Serba Dinamik has secured 15 new contracts with 10 operation and maintenance (O&M) projects in Malaysia and Indonesia, and five engineering, procurement, construction and commissioning (EPCC) contracts in Malaysia and Nepal.
According to PublicInvest Research analyst Nurzulaikha Azali in her research note dated Aug 12, the contracts are valued at circa RM386.3 mil, hence able to improve Serba Dinamik’s earnings visibility to a healthy order book of RM18 bil.
“There are bound to be ups and downs in business … based on current position, it seems that Serba is too big to fail given it has played a big role in Malaysia’s oil and gas (O&G) industry and particularly so as a vendor development partner for the national oil corporation (PETRONAS),” opined a market observer.
“Henceforth, at its current valuation, it is not surprising that Serba’s major shareholders may contemplate taking Serba private on the basis that its valuation is too cheap to be ignored.”
The company’s five major shareholders as of Sept 10 are its founder, CEO and group managing director Datuk Dr Mohd Abdul Karim Abdullah (21%), the company’s non-independent non-executive director Datuk Abdul Kadier Sahib (16.25%), Amanah Saham Nasional Bhd (6.15%), the Employees Provident Fund (4.99%) and the Retirement Fund (Inc) (4.55%).
“Technically, Serba’s current valuation is at three times PE (price-to-earnings) compared to the industry’s average at six to seven times while its latest NTA (net tangible asset) value is a mere 1.05,” the market observer pointed out.
“All this gives credence that privatisation cannot be ruled out given such move will open up prospect of a better return to the company’s major shareholders”.
Assuming the prospect of privatisation is on the card, the market observer added he will not be surprised if the share price of Serba Dinamik “is able to double up from its current price”.
At 10.53am, Serba Dinamik was unchanged at 38.5 sen with 5.92 million shares traded, thus valuing the company at RM1.44 bil. – Sept 10, 2021
Share on facebook Share on twitter Share on whatsapp Share on email Subscribe and get top news delivered to your Inbox everyday for FREE
. When think that you need to have an audited account to conduct privatisation, takeovers or what not shows the lack of experience or none thereof dealing with these issues.
There is something called due diligence (financial and non financial). .
. I didn't suggest anything nor specify the project details.
All I wrote were "'few remittance advice", which you correctly quoted.
pearlwhite,
Your post balance sheet event suggestion may work after a reporting period but before the financial statements for that period have been issued.
Let's talk about a specific project - the 45 metric tonne per day Chlorine Skid Mounted Chlor-Alkali Plant in Tanzania
--- Funds Used in the Tanzania Project ---
Serba's 31 Dec 2019 Financial Results showed that RM111.113M was used in the Tanzania project Utilisation of Proceeds from Private Placement on 30 January 2018
Details of utilisation of proceeds: Working capital for the EPCC work in Tanzania Actual Utilisation: RM 111.113M
--- Income recognized from the Project ---
The total income recognized from the Tanzania project is RM194.813M and comprises:
1) As at 10th Sep 2021, Google Map's satellite image of the site (Msufini Area, Mlandizi Ward, Kibaha District, Tanzania) is still showing that it is still a piece of empty land. Nothing has been developed and there is no equipment at the site.
2) Junaco (T) Limited and the directors, Justin Lambert and Vedastina Lambert remain insolvent and does not have any assets to satisfy judgment debts owning to numerous claimants in Tanzania.
3) In July 2019, the African Development Bank issued a request for expression of interest for Consulting Firms to be the Lenders’ Technical Advisor (Consulting Firm) for the construction and operation of Chlorine Chlor-Alkali plant in Tanzania. The services to be provided under the Assignment included: "Development of 45 Mtpd (over 16, 200Mtpy) Chlorine Chlor-Alkali plant in Msufini area, Kibaha district coast region of Tanzania." This request invariably suggest that there is no existing Chlorine Chlor-Alkali plant in Msufini area, Kibaha district coast region of Tanzania as at July 2019.
4) the JV company that owns the plant in Tanzania is Sufini Holding Ltd (CBLS No 11545098 BL local no 000001141). Sufini's business license has expired as at 19th Feb 2021.
Are you now alleging that:
--->>> RM111.113M was actually transferred to Sufini Holding Ltd as working capital for the EPCC project in Tanzania
--->>> The receivables totaling RM194.813M as at 31st March 2021 for the Tanzania have been paid by a few remittance advice from unknown entities; for products/services from a non-existent plant; to Sufini with expired business license?
--->>> And you personally seen evidence of the 'few remittance advice' to settle the receivables for the Tanzanian project
- pearlwhite .
Thanks. Appreciated the previous analyses and work done by you too. But I do not consider them up to the threshold of "auditing standards". But to each their own. You may be from another industry. I understand that.
Your work was very good, but all was dismissed by a few remittance advice (as far as customers/vendors were concerned).
If you have further details you wish to share or additional work done, feel free to share them. I would be more than glad to have a look and revert with ways to move it forward.
PSAi3alert So, your analysis and information is based on your 'EXPERIENCE dealing with SIR with Bursa/SC/Bukit Aman' on some other company. And that EXPERIENCE is unrelated to Serba.
Well, that's not insider information. It's your hallucinated information.
So now Focus promote SD by release 1 article per day, why desperate. What are you waiting smart investor, buy more and hold.
Assuming the prospect of privatisation is on the card, the market observer added he will not be surprised if the share price of Serba Dinamik “is able to double up from its current price”.
Haha, Karim was forced selling few month ago, may need to look for ah long...beside that still waiting for audited acc, so you have plenty of time to accumulate and ride with Karim @UncleFolliwer....lol
. Stop implying. These were 1 one the reasons why your analyses were dismissed as being not up to "auditing standards". Its a static. I do understand that at your position, your access and efforts to obtain further details may be curtailed somewhat, hence I would say "this is as far as it goes".
You can imply this quote of mine however you wish, but I believe that there was a infamous quote somewhere from some Malaysian i.e.
"He looks like me, He sounds like me, but I don't think its me".
Thanks.
PSAi3alert pearlwhite,
So, it's now a 'few remittance advice' to cover receivables from projects that do not exist?
You do realize the implications of your allegations on disconnected money flow, don't you?!
. The SIR is a serious issue. Very serious indeed.
Perhaps one can try, due to this circumstance, request to view the SD's records (Board of Directors' Minutes for example) to gain more access to information pertaining to contracts, awards, procurement awards, etc. etc.
Typically, approval of contracts would be tabled in directors meeting, and the full contract details, project appraisal, project setup, etc., would be as an appendix.
Catch : Have to be a shareholder, 100 unit should be enough.
You're effectively saying a unicorn exists. And it's a negative event. It's not up to me to prove a negative. The burden of prove is on you to show evidence of the existence of unicorn.
Let's come back to the plant in Tanzania.
Can you please show evidence that as at 2.00 pm 10th Sep 2021: - the plant in Tanzania exist - Junaco (T) Limited is now solvent - Sufini Holding Ltd's licence is now renewed
Please do not digress and please do not talk about hypothetical events.
pearlwhite . Stop implying. These were 1 one the reasons why your analyses were dismissed as being not up to "auditing standards". Its a static. I do understand that at your position, your access and efforts to obtain further details may be curtailed somewhat, hence I would say "this is as far as it goes".
You can imply this quote of mine however you wish, but I believe that there was a infamous quote somewhere from some Malaysian i.e.
"He looks like me, He sounds like me, but I don't think its me".
Thanks.
PSAi3alert pearlwhite,
So, it's now a 'few remittance advice' to cover receivables from projects that do not exist?
You do realize the implications of your allegations on disconnected money flow, don't you?! 10/09/2021 1:35 PM
. As for Huangbk72, this is what I would say to you as a person.
If you are the management of a company and there is a crisis, you will sink the company. You are a panicky individual.
You have shown nothing but negativity (yes I understand your situation) and didn't take the rational approach to engage in ways either to identify the causes and attempt to explain how it happened. In fact, you did not do any investigative work at all. Its all jump in the bandwagon and protest.
You make assumptions based on emotions of the consequence that befell on you, as a person. Not as an investor.
In real life, you are not a leader nor able to withstand the vigours of running mega corporations, projects, etc etc.
Take this as a piece of advice.
And if you think that some disagreements here and there means lacks weightt and bites the dust, then you haven't been there yet.
Auditor is the best fren of investor to ensure a company report are clean, they obligated to tell the truth. So investor can sue them if found they fail to play their role or hide the issue..so no worry.
Stockisnotfun EY don't let me disappoint on your services. Speak the truth
All you have posted for the past few days is full of conjunctures, fake news, nonsense.. If it makes sense, i would not have replied to your post.
When asked in detail, you simply brush away and hide. Behaving like an eel, does it show your capability.
Look at my posting since July.. i have remained steadfast in my findings. Never waver never change.. Its not called panicky, its called resolve.
You have been measured and found lack of weight, so your advice, pls keep to yourself. 10/09/2021 2:38 PM
pearlwhite . As for Huangbk72, this is what I would say to you as a person.
If you are the management of a company and there is a crisis, you will sink the company. You are a panicky individual.
You have shown nothing but negativity (yes I understand your situation) and didn't take the rational approach to engage in ways either to identify the causes and attempt to explain how it happened. In fact, you did not do any investigative work at all. Its all jump in the bandwagon and protest.
You make assumptions based on emotions of the consequence that befell on you, as a person. Not as an investor.
In real life, you are not a leader nor able to withstand the vigours of running mega corporations, projects, etc etc.
Take this as a piece of advice.
And if you think that some disagreements here and there means lacks weightt and bites the dust, then you haven't been there yet.
Focus Malaysia write up is to boost shareholders confidence only ... Someone could be worrying of getting into forced selling if the share price keep dropping ...
Introducing MY's First IPO Fund for Sophisticated Investors!
MQ Chat
New Update. Discover investment communities that resonate with your ideas
MQ Trader
M & A Value Partners IPO Equity Fund has been launched - Targeted 13% Return p.a
Latest Videos
0:17
New IPO: The largest mini-market player and a leading groceries retailer in Malaysia, 99 Speed Mart Retail Holdings Bhd aims to list on the Main Market!
MQ Trader 685 views | 3 d ago
0:17
New IPO: An enterprise IT solutions provider that provides implementation services, maintenance, support and professional services, Vetece Holdings Bhd aims to list on the Ace Market!
MQ Trader 665 views | 7 d ago
0:17
New IPO: A manufacturing and trading of biomass fuel products, particularly PKS and wood pellets company, Elridge Energy Holdings Bhd aims to list on the Ace Market!
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....
PSAi3alert
982 posts
Posted by PSAi3alert > 2021-09-10 13:06 | Report Abuse
pearlwhite,
Your post balance sheet event suggestion may work after a reporting period but before the financial statements for that period have been issued.
Let's talk about a specific project - the 45 metric tonne per day Chlorine Skid Mounted Chlor-Alkali Plant in Tanzania
--- Funds Used in the Tanzania Project ---
Serba's 31 Dec 2019 Financial Results showed that RM111.113M was used in the Tanzania project
Utilisation of Proceeds from Private Placement on 30 January 2018
Details of utilisation of proceeds: Working capital for the EPCC work in Tanzania
Actual Utilisation: RM 111.113M
--- Income recognized from the Project ---
The total income recognized from the Tanzania project is RM194.813M and comprises:
FYE 2018: RM29.82
FYE 2019: RM104.02
15 months ended 31-03-2021: RM60.973M
1) As at 10th Sep 2021, Google Map's satellite image of the site (Msufini Area, Mlandizi Ward, Kibaha District, Tanzania) is still showing that it is still a piece of empty land. Nothing has been developed and there is no equipment at the site.
2) Junaco (T) Limited and the directors, Justin Lambert and Vedastina Lambert remain insolvent and does not have any assets to satisfy judgment debts owning to numerous claimants in Tanzania.
3) In July 2019, the African Development Bank issued a request for expression of interest for Consulting Firms to be the Lenders’ Technical Advisor (Consulting Firm) for the construction and operation of Chlorine Chlor-Alkali plant in Tanzania. The services to be provided under the Assignment included: "Development of 45 Mtpd (over 16, 200Mtpy) Chlorine Chlor-Alkali plant in Msufini area, Kibaha district coast region of Tanzania." This request invariably suggest that there is no existing Chlorine Chlor-Alkali plant in Msufini area, Kibaha district coast region of Tanzania as at July 2019.
4) the JV company that owns the plant in Tanzania is Sufini Holding Ltd (CBLS No 11545098 BL local no 000001141). Sufini's business license has expired as at 19th Feb 2021.
Are you now alleging that:
--->>> RM111.113M was actually transferred to Sufini Holding Ltd as working capital for the EPCC project in Tanzania
--->>> The receivables totaling RM194.813M as at 31st March 2021 for the Tanzania have been paid by a few remittance advice from unknown entities; for products/services from a non-existent plant; to Sufini with expired business license?
--->>> And you personally seen evidence of the 'few remittance advice' to settle the receivables for the Tanzanian project
-
pearlwhite .
Thanks. Appreciated the previous analyses and work done by you too. But I do not consider them up to the threshold of "auditing standards". But to each their own. You may be from another industry. I understand that.
Your work was very good, but all was dismissed by a few remittance advice (as far as customers/vendors were concerned).
If you have further details you wish to share or additional work done, feel free to share them. I would be more than glad to have a look and revert with ways to move it forward.
PSAi3alert So, your analysis and information is based on your 'EXPERIENCE dealing with SIR with Bursa/SC/Bukit Aman' on some other company. And that EXPERIENCE is unrelated to Serba.
Well, that's not insider information. It's your hallucinated information.
10/09/2021 9:14 AM