AGESON BERHAD
KLSE (MYR): AGES (7145)
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Last Price
0.115
Today's Change
0.00 (0.00%)
Day's Change
0.11 - 0.12
Trading Volume
1,970,900
Prices
Discussions
34 people like this. Showing 50 of 15,103 comments
Ageson rises 8% on new RM330mil sand supply project
What was the outcome?
https://www.thestar.com.my/business/business-news/2020/04/20/quick-take-ageson-rises-8-on-new-rm330mil-sand-supply-project
2024-03-14 15:15
starts moving because independent asessments found nothing wrong with the audit
2 months ago
There is so much ‘water under the bridge’, today report, Link:
https://www.klsescreener.com/v2/announcements/view/7004493 , dispelled some negative comments on AGESON. Some details extracted from the reports as below:-
“The issues and matters raised by the Company’s external auditors in the Audited Financial Statements for the financial period ended 31 December 2022 have been addressed accordingly.
‘- 1. Disclaimer on Revenue Generated from Trading of Construction Materials
1a Ageson SMSGMBH Sdn Bhd
The Company recorded revenue from trading of polyester plywood and cost of sales in the statement of profit or loss and other comprehensive income for the period ended 31 December 2022 amounting to RM412,959,680 and RM322,180,800.
Finding: It was noted no irregularities based on the analysis on the respective customer’s audited financial statements.
1b Ageson Power Sdn Bhd
The Company recorded revenue from trading of polyester plywood and cost of sales in the statement of profit or loss and other comprehensive income for the period ended 31 December 2022 amounting to RM26,078,720 and RM20,841,600.
Finding: It was noted no irregularities based on the analysis on the respective customer’s audited financial statements.
‘- 2. Veracity of the fair value balances of Ageson Berhad’s other receivables carried in the statement of financial position, amounting to MYR43,301,840
Ageson Berhad
The balances of the Company’s other receivables carried in the statement of financial position, amounting to RM43,301,840 as at 31 December 2022.
Findings: Based on the independent assessment, it was noted that Ageson Berhad’s other receivables totalled MYR 43,301,840 as of 31 December 2022. Of this amount, Prinsiptek International Limited owes MYR 1,799,065. The entire amount has been fully impaired by the Company for the financial year ending 31 December 2023.
The remaining balance of MYR41.5 million pertains to the stakeholder sums held under Ageson’s panel legal firm.
‘- 3. Dispute on Valuation of Intangible Assets in Ageson Industrial
Ageson Industrial Sdn Bhd
The balances of the Company’s property, plant and equipment carried in the statement of financial position, amounting to RM138,471,667 as at 31 December 2022. The Company recognizes its property, plant and equipment based on cost model. As a results, there is deferred tax liability of RM13,699,200 reported in the financial statement.
Findings: Based on the independent assessment, the valuation report appears to be supported, and the personnel responsible for the valuation possess the requisite credentials and qualifications.
The Company will work closely with the potential auditor to address the above in the audited financial statements of Ageson for the financial period ended 30 June 2024.”
IMHO, will have to wait for a few more months to see the actual corrections on the audited financial statements of Ageson for the financial period ended 30 June 2024…to hold, buy or sell.
2 months ago
New auditor:
Virdos Lima official website has an address at Persiaran Tropicana, Tropicana Avenue.
Virdos Lima Linkedin has an address at Jalan Sungai Jernih, 8 Avenue Business Centre. In Linkedin, the company posted one job opening, so this address should be more 'valid'.
Both sites address do not match and also no office number to contact.
Previous auditor:
Messrs Jamal, Amin & Partners has an official website and Linkedin.
Both addresses matched, they have multiple branches in Malaysia with office numbers to contact. They also have history of completed projects and various important info of which anyone can use to verify its validity.
Based on these surface information, we can assume the company is hiring a 'questionable' auditor to verify the audit work of a 'reputable' auditor. I think the 2nd audit work will be favorable to the company, this is also to align with the PN17 regularization plan.
--- Prediction on 2nd audit work is correct so far.
--- Next prediction is that the timing of the final audit correction will match the timing with company coming up with PN17 regularization plan.
--- 25 million market cap is an almost fully cornered stock, please be careful.
2 months ago
Full of fake documents. Just wait for the criminal case against them at court and this only easy way for the auditor do this company report. Let see the time comes against the previous boss for what criminal had they done on falsified documents.
2 months ago
TheEdge report gives a better picture, Link:
https://theedgemalaysia.com/node/711571
The findings are in parentheses, as usual just a quoting only..highlighted are two flagged ‘impairment’ issues not addressed, i.e.
“Notably, there were two other issues raised by the external auditor that were not addressed in the independent assessment.
The auditor flagged that Ageson did not recognise impairment for its capital contribution in its subsidiaries — namely Ageson Development Sdn Bhd and Ageson Enterprise Sdn Bhd — totalling RM140.47 million. It said accumulated losses would have increased by RM63.97 million as of Dec 31, 2022, had such losses been recognised.
The auditor also highlighted that Ageson did not recognise impairment for its other investments related to Ageson Development, which would have otherwise increased accumulated losses further by RM4.15 million.”
@sting79, Virdos Lima Consultancy (M) Sdn Bhd (“VL Consultancy”) office phone number 0378870889 can be easily found with Google search..
Happy Trading and TradeAtYourOwnRisk
2 months ago
Thanks BLee, but another quick search at google gives me the same number for Sin Han & Co.
2 months ago
Annum’s Largest Shareholder Chin Kok Foong Exits Group After Selling 15% Stake to Ageson's Larry Liew
What is liew doing?
2 months ago
Director Dato Sri Chin Kok Foong claims trial to using fake invoices
https://www.thestar.com.my/news/nation/2023/02/10/director-claims-trial-to-using-fake-invoices
Director Dato Sri Chin Kok Foong resigns
https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3406382
Dato Sri Chin Kok Foong got thrown out by the AGES/ANNUM/ARBB gang, and his shares goes to Liew.
2 months ago
AGES has consolidated 15 to 1 in 2022, and the price has fallen more than 95% since then. Many retailer's paper loss is also more than 95%. Probably not many have sold because no point selling at such extreme losses.
Once the issue with PN17, audit reports and AFTON concludes, high possibility of another share reducing exercise such as PP, RI or even another share consolidation. The NOSH is a bit low at 312 million. Be prepared to live in high condo for a very long time to come.
2 months ago
Ageson Bhd (KL:AGES), which entered Practice Note 17 (PN17) status back in November 2023, has secured a construction subcontract worth RM54.33 million for the development of a 40-storey service suite block in Sabah. (TheEdge)
1 month ago
Better check the project contract is real or fake first, this company so many forgery documents
1 month ago
i think the shark is off-loading. Money from the right issue will be used up soon
1 month ago
Lari kuat kuat ke atau daripada..tunggu potensi keluar daripada PN17 (akaun diSiasat) selepas siap sah oleh Auditor Khas..tunggu dan lihat.
1 month ago
4 more months to go for the Regularization Plan submission. No plan-suspension-delist or have a plan-submission-if approved-fly high
2 weeks ago
FOR NEWBIES
Announced EX Date Subject Ratio Offer
18 Apr 2022 05 May 2022 Rights Issue 2.0000 : 1.0000 0.2000
29 Mar 2022 11 Apr 2022 Share Consolidation 1.0000 : 15.0000
05 Feb 2020 18 Feb 2020 Rights Issue 13.0000 : 1.00 0.0100
07 Oct 2014 17 Oct 2014 Rights Issue (warrant) 3 : 2 0.1800
20 Nov 2003 21 Nov 2003 Others 1 : 1 View
PN 17
Regularization plan in progress
https://www.klsescreener.com/v2/stocks/view/7145/ageson-berhad
Check P/L and Capital Changes
=====================
NOSH = 311,665,105 after share consolidation & massive fund raising via Rights Issue in May 2022
PA = 254,221,104
Expect directors to restart and continue massive fund raising via shares issuance to PP, ESOS, RI, asset acquisition, etc
Expect NOSH to increase and shareholder equity % and EPS to be diluted with massive share issuance in near future
==================
Continue to monitor
quarterly results
directors plan for utilisation of company funds
directors plan for more fund raising via shares issuance to PP, ESOS, RI , asset acquisition, etc
===========
Expect Cindy Kate to play the price to attract & trap newbies, punters, fomo oldbies etc
5 days ago
“whistlebower99 > FOR NEWBIES
Announced EX Date Subject Ratio Offer 18 Apr 2022 05 May 2022 Rights Issue 2.0000 : 1.0000 0.2000..Expect directors to restart and continue massive fund raising via shares issuance to PP, ESOS, RI, asset acquisition, etc..”
Hi Newbies, please keep up to date on latest announcement:-
“On behalf of the Board, TA Securities wishes to announce that pursuant to Paragraph 6.62(2) of the Listing Requirements, the approval of Bursa Securities for the implementation of the Proposed Internal Reorganisation has lapsed on 11 July 2024 and additionally, the Extended Conditional Period has lapsed on the same date.” meaning no more ESOS/10% dilution for the short term.
Link: https://www.klsescreener.com/v2/announcements/view/7365885
“..the Board has prioritised its resources to regularise the financial condition of the Company and will consider implementing the Proposals as part of its regularisation plan for the PN17 status in the future.” meaning Not at the moment but consider one of the option.
As stated in one of the announcements, “Pursuant to the above, the Company wishes to highlight that there are no material adverse findings on the concerns raised by Company’s external auditors. The Company will work closely with the potential auditor to address the above in the audited financial statements of Ageson for the financial period ended 30 June 2024.” meaning patiencely has to wait for financial period ended 30 June 2024. If there are reversal of impairment, what will be the NTA and EPS? It is a calculated risk to be “TradeAtYourOwnRisk” and Happy Trading..
So do not Read Old News when new announcements available; do Not just report ESOS/Proposal and forget about Lapse of approval of the said ESOS/Proposal…
Note: I have recovered my loses in my Ageson by selling my Ageson-PA; I am holding the remainder cost free waiting for the financial period ended 30 June 2024.
5 days ago
The lapse on 11July means the proposal for [ (1) Afton share exchange + (2) the establishment of ESOS ] is no longer valid to be approved by Bursa, see original proposal announcement:
https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3342861
The company right now need to sort out PN17 status first and foremost, else unlikely Bursa will approve any sort of share exercise.
It does not mean the company cannot continue to perform fund raising or other share issuance/consolidation in the future. whistlebower99's observation is based on the company's historical capital changes, which is all about RI and share consolidation, something that put off many investors. But any newbies, punters, gamblers are all welcome.
4 days ago
“sting79 > The lapse on 11July means the proposal for [ (1) Afton share exchange + (2) the establishment of ESOS ] is no longer valid to be approved by Bursa…The company right now need to sort out PN17 status first and foremost, else unlikely Bursa will approve any sort of share exercise…whistlebower99's observation is based on the company's historical capital changes, which is all about RI and share consolidation, something that put off many investors. But any newbies, punters, gamblers are all welcome.”
Agreed, the proposal has been approved with “court order”; why Not carry out and let it lapse? This is one of the ‘path’ to get out of PN17 (audit query); is it Not necessary any more? IMHO, the company is pursuing another ‘path’ i.e. Independent Auditor; the report came out quite satisfactory. Once this Report Finding incorporated in ‘FR financial period ended 30 June 2024’, the chances will be out of PN17 (audit query). If there are Impairment Reversals, what will be EPS? Let's wait and see.
“Court Order” Announcement:
“On behalf of the Board of Ageson, TA Securities wishes to announce that the High Court has, at the hearing fixed today, approved the Scheme of Arrangement pursuant to Section 366 of the Act in relation to the Proposed Internal Reorganisation (“Court Order”).”
Link:https://www.klsescreener.com/v2/announcements/view/5767513
With the above reasoning, what is the chance of another ESOS proposal? Your guess as good as mine, always Happy Trading and TradeAtYourOwnRisk
3 days ago
“Mar2083 > Why still not want goreng up? 😭”
If you study the graph from 2Q2024, there are 3 peaks (candles) on 14May.(0.065 to 0.08), 23May (0.08 to 0.10) and 7June (0.11 to 0.125). Is this the first wave of ‘goreng’; I don't know as I am just a ‘spare cash’ investor and do Not have any ‘insider info’?? When is the next ‘goreng’; I also don't know…
Link:https://www.klsescreener.com/detail.php?code=7145
What I know Ageson is one of the worst performing counters during C19 period; especially during delay in issuing AR and QR of Q62022 showing big impairment/losses as shown:
“For the current quarter, the Group achieved a total revenue of RM52.17 million, mainly attributable to the trading of construction material. Other operating income has reduced as a result of the reversal of bargain purchase during the financial period. On the other hand, operating expenses have risen in the same period due to the non-cash accounting impairment adjustments on certain assets such as other receivables and goodwill.
For the period under review, we have generated RM180.38 million from the operating activities and cash and cash equivalents stood at RM44.27 million as at 31 December 2022.”
Link: https://www.klsescreener.com/v2/financial-reports/view/720751
IMHO, the worst is over with the Independent Report “digging” the reason for impairment. I am taking a “risk” there will be an impairment reversal in the coming AR..
Let me summarize my Ageson-PA trading. Due to work from home period; I have the time to ponder on what is the best investment which can beat the bank FD rate. I found ICPS investment is quite attractive due to the 2 methods of conversion, autoConvert upon maturity and the leverage on mother's share price. I started small with my first IB account. I thought I would Not lose if I bought at the lowest of RM0.005 as it is the lowest trading price. I am wrong and speechless. One of the Forumer ‘warning’ is correct, upon Ageson consolidation, my investment became RM0.075. As of now, my investment in account A is still in paper loss.
I started account B when Ageson-PA dropped to RM0.005 again due to a much lower commission of RM1 for every RM100 up to RM700, thereafter RM8 for trading below RM10k. My account B is very much in positive paper gain now mainly because my purchases at the lowest of RM0.005 is now traded at RM0.045; a 9 times increase. I am a bit lucky to cost averaging on this Ageson-PA. There are counters which are delisted; not a chance to recover the investment.
So better do your own due diligence; Happy reading on a Sunday Morning and as always Happy Trading and TradeAtYourOwnRisk.
1 day ago
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Why so hard to hit 9c. Come on operator i love you ok?
2024-02-16 13:55