OVERSEA ENTERPRISE BERHAD

KLSE (MYR): OVERSEA (0153)

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Last Price

0.085

Today's Change

0.00 (0.00%)

Day's Change

0.00 - 0.00

Trading Volume

0

Overview

Market Cap

98 Million

NOSH

1,147 Million

Avg Volume (4 weeks)

41,184

4 Weeks Range

0.085 - 0.095

4 Weeks Price Volatility (%)

89.47%

52 Weeks Range

0.085 - 0.15

52 Weeks Price Volatility (%)

56.67%

Previous Close

0.085

Open

0.00

Bid

0.075 x 130,000

Ask

0.085 x 50,000

Day's Range

0.00 - 0.00

Trading Volume

0

Financial Highlight

Latest Quarter | Ann. Date

30-Jun-2022 [#1] | 29-Aug-2022

Next QR | Est. Ann. Date

30-Sep-2022 | 29-Nov-2022

T4Q P/E | EY

-17.30 | -5.78%

T4Q DY | Payout %

0.00% | 0.00%

T4Q NAPS | P/NAPS

0.07 | 1.24

T4Q NP Margin | ROE

-15.22% | -7.18%

Market Buzz
Company Profile

Sector: CONSUMER PRODUCTS & SERVICES

Sector: CONSUMER PRODUCTS & SERVICES

Subsector: TRAVEL, LEISURE & HOSPITALITY

Subsector: TRAVEL, LEISURE & HOSPITALITY

Description:

Oversea Enterprise Bhd operates as an investment holding company in Malaysia. The company engages in the operation of Chinese cuisine restaurant. It operates in three segments: Restaurant segment which is involved in the business as restaurant operators. Manufacturing segment is involved in the manufacturing and wholesale of mooncake and other baked products. Trading and investment holding segment is involved in the trading of general and food products and providing corporate services and treasury functions. The firm generates a majority of its revenue from Restaurant segment.

Discussions
2 people like this. Showing 50 of 723 comments

whistlebower99

FOR NEWBIES

FUND RAISING - OVERSEA ENTERPRISE BERHAD ("OVERSEA" OR THE "COMPANY") RIGHTS ISSUE WITH WARRANTS

(Renounceable rights issue of up to 1,717,664,991 new Shares (“Rights Shares”) together with up to 572,554,997 free detachable warrants in the Company (“Warrants B”) on the basis of 3 Rights Shares together with 1 free Warrant B for every 3 existing Shares held by the entitled shareholders of the Company (“Shareholders”) on an entitlement date to be determined )
https://www.klsescreener.com/v2/announcements/view/3400303

=================
On behalf of the Board, Mercury Securities is pleased to announce that Bursa Securities had, vide its letter dated 31 March 2022, approved the Company’s application for an extension of time until 5 October 2022 for the Company to complete the implementation of the Rights Issue with Warrants.

This announcement is dated 31 March 2022.

================
Be aware of the impending fund raising exercise via Rights Issue which might happen before 5 October 2022

Shareholders need to contribute more money to company fund

NOSH = 1,146,670,000 will increase massively toward 3 BILLION shares

===============
Continue to monitor
quarterly results
directors plan for utilisation of company funds
directors plan for more fund raising via shares issuance

====================
TAYOR, set realistic target

2022-06-16 09:36

Good123

Firma audit mungkin tak berani jadi auditor oversea takut lesen audit digantung selepas diaudit oleh AOB, unit SC untuk mengaudit firma audit wakaka


KUALA LUMPUR: PJBumi Bhd has received a notice in writing from Messrs Afrizan Tarmili Khairul Azhar PLT on their resignation as external auditors of the company.

In a filing with Bursa Malaysia, the engineering and construction services provider said the auditors were re-appointed at the last annual general meeting (AGM) of the company held on Dec 17, 2021 to hold office until the conclusion of the next AGM of the company.

“The auditors had tendered their resignation because the Audit Oversight Board (AOB) had notified the auditors that they are prohibited to perform audit of public interest entities for 12 months commencing from Dec 10, 2021,” PJBumi said.

PJBumi is in the midst of identifying the new auditors to be appointed pursuant to Section 271(2)(b) of the Companies Act 2016.

2022-06-17 09:27

Good123

aku rasa oversea mungkin ada isu ini :)

What could go
wrong:
• External and internal
auditors are unable to
perform their functions
in an independent
manner due a lack of
support from the audit
committee.
• Failure of audit
committee members to
get to the root of
pertinent issues that
are impacting the
company.

2022-06-17 16:48

Good123

sangat penting ya!

There is an effective and independent audit committee.
The board is able to objectively review the audit committee’s findings and
recommendations. The company’s financial statement is a reliable source of
information.

2022-06-17 16:49

Good123

berwaspada :)

Dos
 Putting in place
mechanisms for
independent directors
(including independent
audit committee
members) to disclose
changes in relationships
or circumstances that
may impact their
independence.
 Ensuring all questions
and remarks (including
dissenting comments
made by audit
committee members)
are minuted.
 Developing channels for
audit committee
members to enlist the
services of third party
experts, if needed.
Don’ts
The following would render
the application of this
practice ineffective:
× Conceding that the
element of financial
literacy overrides the
aspect of
independence.
× Maintaining that
adherence to the audit
committee’s
independence
requirements set out in
Paragraph 15.09 of
Bursa’s Listing
Requirements is the
be-all and end-all.

2022-06-17 16:56

Good123

mesti buat jika ada :)

How should audit committee members deal with conflict of interest
situations?
Audit committee members should declare any matter in which they have an
interest. Normally, the process for recording declarations of conflicts of interests
in the audit committee should mirror that used by the board. Each member of
the committee should undertake to declare proactively, at the outset of each
meeting, any potential conflict of interest relating to the affairs of the committee
or from changes in the member’s personal circumstances.
Depending on the nature, extent and potential duration of the conflict of interest
situation, the chairman of the audit committee should then determine an
appropriate course of action with the said member. For example, the member
might be asked to abstain from deliberation and decision making, or in more
extreme cases, the member could be asked to step down from the committee.
If it is the chairman of the audit committee that has a conflict of interest, the
board should ask another member of the committee to lead in determining the
appropriate course of action.

2022-06-17 16:58

Good123

AC chairman's oversea juga adalah AC member beberapa buah syarikat hidden hand... bahaya kan? haha

2022-06-17 17:01

Good123

AC Chairman oversea juga AC member dalam perak corp, xox berhad, xox networks bhd - bebas lagi ? efektif ka? hahaha

2022-06-17 17:06

Good123

boleh tanya AC chairman's oversea, berapa banyak syer esos dia dapat dalam xox, dll?

Masih layak jadi AC chairman ka? related parties boleh jadi AC chairman ka jika benar? SC dan Bursa harus siasat... hahaha

2022-06-17 17:12

Good123

How should audit committee members deal with conflict of interest
situations?
Audit committee members should declare any matter in which they have an
interest. Normally, the process for recording declarations of conflicts of interests
in the audit committee should mirror that used by the board. Each member of
the committee should undertake to declare proactively, at the outset of each
meeting, any potential conflict of interest relating to the affairs of the committee
or from changes in the member’s personal circumstances.
Depending on the nature, extent and potential duration of the conflict of interest
situation, the chairman of the audit committee should then determine an
appropriate course of action with the said member. For example, the member
might be asked to abstain from deliberation and decision making, or in more
extreme cases, the member could be asked to step down from the committee.
If it is the chairman of the audit committee that has a conflict of interest, the
board should ask another member of the committee to lead in determining the
appropriate course of action.

2022-06-17 17:22

Good123

orang ramai tak bodoh ;)

The consideration of independence is often a matter of substance rather than
mere compliance with specific rules. The board should also be cognisant and
mindful of situations in which the regulatory definition of independence is met,
yet impairment of objectivity or perceived conflicts of interest may still arise.

2022-06-17 17:22

Good123

You guys better do real biz ... Otherwise, another caely lah..

Main syer , not sustainable ... Jangka pendek , ramai terperangkap... Sure hancur jika berterusan :)

https://www.freemalaysiatoday.com/category/bahasa/tempatan/2022/06/17/saya-tak-pernah-setuju-sertai-caely-holdings-kata-jovian-mandagie/

2022-06-17 17:59

Good123

Kalau founders & anak2 - pandai, tak payah jual syernya kpd hidden hand, kini mereka adalah pekerja/kakitangan hidden hand wakaka

2022-06-20 10:08

Good123

Oversea jatuh ke 10sen... sama dengan Harga yg dibayar oleh Eddie chai 30sen,share split 1 jadi 3 ~ 10sen

2022-06-20 19:02

Good123

Lkl jatuh ke 4.5sen kini kerana mau buat right issue, dll.

Oversea juga mau buat right issue sebelum nov. 4.5sen bagi oversea juga mungkin macam LKL

:)

2022-06-20 19:04

Good123

anak2 pengasas bodoh dan tak tahu buat biz... kini jadi kakitangan eddie chai & keluarga LKL... geng tangan ghaib....

maruah tak berharga ,, duit dan sen bermaharajalela kini wakaka!

2022-06-21 16:25

Good123

Cocoaland, happy ending! Oversea, miserable ending? Hahaha

2022-06-21 23:12

Good123

Tangkap semua ahli tangan ghaib demi masa depan bursa yang cerah

Liew Chee Yoong of the Center for Market Education said poor performance would continue, from a combination of the ringgit’s depreciation, scandals in corporate governance, and weak legal enforcement in the capital markets.

2022-06-22 08:49

nightmare007

@good 123 sila balik ke pasukgb...

2022-06-24 15:34

CITADEL

Post removed.Why?

2022-06-24 15:44

Good123

oversea dah maU bungkus kan? pengarah2 sedang disiasat kerana manipulasi syer kan?

mana bapak eddie chai? masih kasi wang kocek kpd ku nan, puak umno-bn ka? WAKAKA

2022-07-01 20:55

Good123

RIGHT ISSUE TAK JADI KA? KINI MANIPULASI SYER LKL SEBELUM MENYENTUH SYER OVERSEA KAN?

COMMON DIRECTORS BAGI FOCUS DAN OVERSEA SERTA LKL KAN? BANYAK RELATED PARTY TRANSACTIONS KAN? HOI, USAH DEGIL :)

2022-07-01 20:58

Good123

ADA CADANGAN UNTUK BERTUKAR Tak? jadi halAL FOODS GROUP?... NANTI BOLEH JEMPUT KU NAN, BUDDY BAPAK EDDIE CHAI MAKAN BERSAMA-SAMA ...WAKAKA

2022-07-01 21:16

Good123

Eddie chai pandai goreng syer je. Mana tahu berniaga. Hancur je

2 months ago

Good123

F&B biz semakin susah. Pendapatan bolehguna Rakyat kian merosot

2 months ago

Good123

Starbucks pun tak berani untuk menaikkan harga .

Oversea lemah dalam perkilangan cuma kuat dalam kuih bulan dan tim sum tapi cuma ada beberapa unit... How to turnaround?. Haha

2 months ago

Good123

Restoran overseas juga dikatakan dah ketinggalan zaman sebab mismanagement, wrong investment sudah bertahun-tahun, dll

2 months ago

Good123

Oversea mungkin berdepan dengan risiko kemuflisan macam brahim dimana benson juga pernah berada dalam lembaga pengarahnya. Kini benson juga merupakan pengarah eksekutif oversea wakaka

2 months ago

Good123

Company A holds shares in Company B, Company B holds shares in Company C...dll


Satu kitaran tipu menipu tak jelas tentang related party transactions

SPRM, bursa , sc dll perlu menyiasat kecuali mereka dah makan suapan, dll

2 months ago

Good123

Mereka yang manipulasikan harga syer penny akan dihukum,dll macam di singapura kot? Tunggu dulu :)

Tak lama lagi, tak lepas kot,? Geng terbabit disini

https://www.theedgemarkets.com/article/soh-chee-wen-manipulation-penny...

2 months ago

Good123

Oversea juga mungkin delisted jika mengalami isu perakaunan macam focus dynamic kelak

2 months ago

Good123

:)



0153 OVERSEA OVERSEA ENTERPRISE BERHAD
Quarterly rpt on consolidated results for the financial period ended 31/03/2022
Quarter: 4th Quarter
Financial Year End: 31/03/2022
Report Status: Unaudited
Submitted By:
Current Year Quarter Preceding Year Corresponding Quarter Current Year to Date Preceding Year Corresponding Period
31/03/2022 31/03/2021 31/03/2022 31/03/2021
RM '000 RM '000 RM '000 RM '000
1 Revenue 8,070 4,180 29,622 23,374
2 Profit/Loss Before Tax -4,591 -5,155 -7,594 -7,349
3 Profit/(loss) attributable to ordinary equity holders of the parent -4,599 -5,309 -7,695 -7,684
4 Net Profit/Loss For The Period -4,599 -5,309 -7,695 -7,684
5 Basic Earnings/Loss Per Shares (sen) -0.41 -0.67 -0.79 -1.02
6 Dividend Per Share (sen) 0.00 0.00 0.00 0.00
As At End of Current Quarter As At Preceding Financial Year End
7 Net Assets Per Share (RM) 0.0700 0.0700
Remarks:
You are advised to read the entire contents of the announcement or attachment.
To read the entire contents of the announcement or attachment, please access
the Bursa website at http://www.bursamalaysia.com

31/05/2022 07:00 AM


Ref Code: 202205313100330

2 months ago

Good123

Oversea is using the same external auditor, oversea will be next????

Pasukhas Group Bhd said Messrs Crowe Malaysia PLT (Crowe) has voluntarily resigned as the auditor of the company due to a disagreement on the audit fees.


Wakaka

2 months ago

Good123

Crowe dah resign dari pasukhas sebagai auditor..

Crowe dah resign dari oversea ka???

Bila mau beritahu sedunia????? Haha

2 months ago

Good123

Pasukhas dan oversea - related parties kan?

Banyak cross- shareholdings antara gamg mereka kan?

2 months ago

Good123

Habislah

Common directors as executive or independent directors and buying one another share below 5% among their gang punya companies to escape scrutiny by the authorities... Many related party transactions or deals are hidden or not reported...

Nanti kena terbongkar semua. Sabar ya!!!

2 months ago

Good123

Tak tahulah, mungkin geng baru mau pakai oversea untuk mencuci duit haram haha

Tunggu siasatan pihak berkuasa :)

2 months ago

Good123

Resigned from lkl tapi bermain dalam oversea



0182 LKL LKL INTERNATIONAL BERHAD
Change in Boardroom
Date of Change: 30/05/2022
Type of Change: Resignation
Designation: Executive Director
Directorate: Exec
Name: TAY BEN SENG, BENSON
Age: 38
Country:
Nationality: Malaysia
Qualifications:
Working Experience and Occupation:
Directorship of public companies (if any):
Family relationship with any director and/or major shareholder of the listed issuer:
Details of any interest in the securities of the listed issuer or its subsidiaries:
Composition of Audit Committee After Change:
Remarks:
You are advised to read the entire contents of the announcement or attachment.
To read the entire contents of the announcement or attachment, please access
the Bursa website at http://www.bursamalaysia.com
Submitted By:

30/05/2022 07:00 AM


Ref Code: 202205303300427

2 months ago

Good123

Banyak drama :)

MR TAY BEN SENG, BENSON @ [OVERSEA] - I3investor
Mr Benson is a graduate from Curtin University of Technology, Australia. He holds a Bachelor of Commerce Degree with a double major in Marketing and Management.
https://www.thesundaily.my › business
Focus Dynamics acquires 16.67% stake in Hong Kong's Top Standard
11 Oct 2020 — Executive director Benson Tay Ben Seng said the subscription was concluded via Focus Dynamics' wholly-owned Hong Kong subsidiary, Focus Dynamic ...
https://in.tradingview.com › news
Oversea Enterprise Says Tay Ben Seng, Benson Appointed ...
Oversea Enterprise Says Tay Ben Seng, Benson Appointed Executive Director ... Oversea Enterprise Bhd (OVERSEA): ... Log in or sign up for a free TradingView account ...
https://www.nst.com.my › 2020/10
Focus Dynamics to expand Oversea restaurant to New York, Paris, Vegas etc
6 Oct 2020 — Focus Dynamic executive director Benson Tay said the eight locations had been targeted for their diversity, urban

2 months ago

Good123

Dapatkanlah pertolongan singapura :p

KUALA LUMPUR, May 5 — Malaysian John Soh Chee Wen and co-conspirator Quah Su-Ling have been convicted of 180 and 169 charges, respectively, for their role in the 2013 penny stock crash in Singapore.

According to The Edge Singapore, former MCA star Soh and Quah were found guilty on criminal conspiracy charges ranging from forced trading and price manipulation to deception.

2 months ago

Good123

:)

https://www.pressreader.com › the-st...
Vun, 6 others charged - PressReader
23 Jul 2014 — ... to have created false market in trading of DVM Technology shares. ... Commission (SC) has filed legal action against Kenneth Vun ( pic) ...
https://www.pressreader.com › the-e...
Brokers in Soh's inner circle paranoid of communicating openly after crash
21 Jun 2021 — ... the alleged mastermind of the share manipulation scheme during his ... in a forex lead that had been brought by Peter Chen Hing Woon.

Penny stock crash mastermind Soh maintains he didn't give trading ...
Touching specifically on a buy order for 10 million Blumont shares – Soh pointed out that Ken Tai, a broker who was supposedly

2 months ago

Good123

Hanya sibuk dengan skim cepat kaya upamanya spekulasi syer dan bukan biz , tak berkekalan :)

2 months ago

Good123

Eddie chai dah mau mampus... Giliran oversea kot? :)


KUALA LUMPUR (Sept 1): Bursa Malaysia Securities Bhd has publicly reprimanded Anzo Holdings Bhd and three of its directors for breaches of the Bursa Malaysia
Securities Main Market Listing Requirements (LR).

The three directors were imposed a total fine of RM300,000 for breaches of related-party transactions (RPTs) and failure to notify shareholders of operations diversification.

Managing director Datuk Chai Woon Chet was fined RM150,000.

Meanwhile, former independent non-executive chairman Datuk Seri Abdul Azim Mohd and former independent non-executive director Chong Khing Chung were fined RM75,000 each. The duo resigned on May 30 and June 1 this year.

“Bursa Malaysia Securities views the contraventions seriously, as the requirements to make an immediate announcement of material information and obtain prior shareholders’ approval for material RPTs and diversification in operations are fundamental to aid investors to make informed investment decisions, protect the interest of shareholders and allow them an opportunity to consider, in a timely manner, transactions which have the potential of adversely affecting their interests,” the regulator said.

Anzo failed to make an immediate announcement on the supply agreement with CSTME Resources Sdn Bhd (CSTME) for the supply of copper scrap, which was approved by the board on June 16, 2020. The deal was only announced on June 25, 2020.

The company failed to issue a circular and obtain shareholders’ prior approval in relation to the deal; and to appoint an independent adviser and a main adviser before the terms of the deal were agreed upon.

With regard to the diversification of the existing business to include trading of industrial products, Bursa said Anzo failed to obtain prior shareholders’ approval.

The regulator reminded Anzo and its board of directors of their responsibility to maintain the appropriate standards of corporate responsibility and accountability to its shareholders and the investing public.

Anzo’s share price closed unchanged at 1.5 sen on Thursday (Sept 1), valuing it at RM16.74 million.

1 month ago

Good123

Bagus!


KUALA LUMPUR (Sept 1): Bursa Malaysia Securities Bhd has publicly reprimanded Pasdec Holdings Bhd and seven of its directors for breaches of listing requirements.

The seven directors, who included independent non-executive chairman Tan Sri Zulkiple Kassim, executive deputy chairman Datuk Sri Tew Kim Thin and group managing director Tew Kim Kiat, were imposed total fines of RM468,000.

In a statement, Bursa said Pasdec had failed to issue its annual report for the financial year ended Dec 31, 2019 within the extended timeframe of July 31, 2020. The company had only issued the report on Oct 27, 2020, after a delay of 59 market days.

Bursa said Pasdec also failed to ensure that its fourth quarterly report (4QFY19) announced on Feb 28, 2020 took into account the adjustments stated in the group’s announcement on Oct 27, 2020.

“Pasdec had reported an unaudited loss attributable to owners of the company of RM16.362 million in the 4QFY19 announced on Feb 28, 2020, as compared to an audited loss attributable to owners of the company of RM27.502 million in the audited financial statements for FY19 announced on Oct 27,2020. The difference of RM11.14 million represented a variance of 68.1%,” the statement read.

The company was also accused of failing to comply with the enforceable undertaking dated Aug 26, 2019 provided by the company to Bursa, pursuant to the listing requirements.

The exchange said Pasdec was required to carry out a limited review on the company’s quarterly report submission.

“The limited review must be performed by the company’s external auditors for four quarterly reports, commencing no later from the quarterly report for the financial period ended Sept 30, 2022. In addition, Pasdec must ensure that all the seven directors and its relevant personnel attend a training programme in relation to compliance with the Main Market Listing Requirements pertaining to financial statements,” it added.

Pasdec shares settled down half a sen or 1.32% at 37.5 sen on Thursday (Sept 1), giving it a market capitalisation of RM150.14 million.

1 month ago

Good123

Dah kena fokus :)http://www.bursamalaysia.com

0153 OVERSEA OVERSEA ENTERPRISE BERHAD
Reply to Query
TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) RELATED PARTY TRANSACTIONS
OVERSEA ENTERPRISE BERHAD ("OEB" OR "THE COMPANY") - DISPOSAL OF PROPERTIES BY
SUBSIDIARIES
Disposal by EMP Collection Sdn Bhd (formerly known as Restoran Tsim Tung Sdn
Bhd)("EMP") and Haewaytian Restaurant Sdn Bhd ("Haewaytian"), both subsidiaries
of Oversea Enterprise Berhad, of three properties for a total disposal
consideration of RM3,100,000 ("Proposed Disposal")
You are advised to read the entire contents of the announcement or attachment.
To read the entire contents of the announcement or attachment, please access
the Bursa website at http://www.bursamalaysia.com

19/08/2022 07:00 AM


Ref Code: 202208193000376

1 month ago

Good123

Takut senasib dengan najib, cabut dulu hahaha

Change in Boardroom
OVERSEA ENTERPRISE BERHAD

Date of change 08 Sep 2022
Name MR LEE SENG FAN
Age 56
Gender Male
Nationality Malaysia
Designation Director
Directorate Executive
Type of change Retirement
Qualifications
No
Qualifications
Major/Field of Study
Institute/University
Additional Information

Working experience and occupation
Family relationship with any director and/or major shareholder of the listed issuer
Any conflict of interests that he/she has with the listed issuer
Details of any interest in the securities of the listed issuer or its subsidiaries



Announcement Info
Company Name OVERSEA ENTERPRISE BERHAD
Stock Name OVERSEA
Date Announced 08 Sep 2022
Category Change in Boardroom
Reference Number C03-12072022-00001

3 weeks ago

whistlebower99

FOR NEWBIES

Be aware of on-going rights issue fund raising exercise by directors

==================

OVERSEA ENTERPRISE BERHAD ("OVERSEA" OR THE "COMPANY") RIGHTS ISSUE WITH WARRANTS

On behalf of the Board, Mercury Securities is pleased to announce that Bursa Securities had, vide its letter dated 26 September 2022, approved the Company’s application for an extension of time until 5 April 2023 for the Company to complete the implementation of the Rights Issue with Warrants.

This announcement is dated 26 September 2022.

====================
Directors not capable to generate profits from business to increase company fund
Directors use easy way to do fund raising from shareholders to increase company fund

=================
TAYOR

1 week ago

Good123


KUALA LUMPUR (Sept 30): Bursa Malaysia Securities on Friday (Sept 30) publicly reprimanded and fined six directors of Brem Holding Bhd for failing to take reasonable care over advances totalling RM26.46 million made to a private company.

The directors had breached the Main Market Listing Requirements for failing to ensure that the advances from August 2014 to August 2019 were fair and reasonable to the company and not to the detriment of the company and its shareholders, Bursa said in a statement.

The exchange imposed a fine of RM200,000 on Brem’s managing director Tan Sri Khoo Chai Kaa, and RM50,000 each on executive directors Khoo Chai Thiam and Low Yew Hwa, independent director Wong Miow Song, and non-independent directors Khoo Hui Keam and Khoo Hui Giok.

While the developer was delisted on July 20 following its privatisation, Bursa said the penalty is applicable, as the directors committed the breach while the company was listed.

“The board of directors had failed to undertake proper deliberation and reasonable care and diligence to make an informed assessment and decision on the advances,” it added.

Bursa noted that Brem had in November 2014 acquired a 49% shareholding in GJH Prestige Sdn Bhd (GJHP) from GJH Holdings Sdn Bhd (GJHH).

Prior to that, Brem had made an advance totalling RM14,217,750 to GJHP. This amount represented 102.7% of Brem’s cash and bank balances of RM13,835,320 as at March 31, 2014.

Bursa noted that Brem continued to make advances, and GJHP had only repaid RM1.6 million to Brem in August 2017. The remaining advances amounting to RM24,863,650 remained unpaid, nearly eight years after Brem had first provided the advances in 2014.

“It was an understanding by all shareholders of GJHP that the repayment of the advances would be made once there was excess cash flow, which depended on the selling of properties and the success of the property development in the future,” the exchange said.

However, Bursa noted that there was no written agreement or documentation to formalise the arrangement or transaction between Brem and GJHP or GJHH and the advances, including the refund and or repayment of the advances, which was crucial to safeguard the interests of the company and its shareholders.

“There was also no proper documentation attesting the purpose and utilisation of the advances and Brem’s external auditors had highlighted that there was an internal control weakness, where there was no documentation on the approval in relation to the rationale or basis for advances and further investments in Brem’s associates and joint ventures,” it said.

Bursa said that managing director Khoo was imposed a higher penalty compared to the other directors, as he had a primary role or involvement in the negotiations and acquisition of GJHP, as well as the authorisation or approval of the disbursement of the advances to GJHP.

4 days ago

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