Hot Stock: IRCB falls 6.5% after recent surge
Written by Shalini Kumar of theedgemalaysia.com
Thursday, 14 February 2013 12:16
KUALA LUMPUR (Feb 14): Shares of Integrated Rubber Corporation Bhd (IRCB) shares fell this morning, probably due to profit taking after its recent incessant climb.
At 10.41 am, IRCB was trading at 21.5 sen, down 1.5 sen or 6.5% with 5.42 million shares done. Having hit a high of 23.5 sen earlier, it was amongst the top active counters across the exchange.
“When investors are excited about the prospects of a company, they will chase after the stock. Then once the hype is over, they will take back the profits. But, this is a normal fluctuation,” said Goh Kay Chong, a senior remisier at SJ Securities.
Yesterday, IRCB share price hit a 22-month high of 23 sen, following news that the government’s Corporate Debt Restructuring Committee (CDRC) had agreed to help in its debt structure plan, and also that a new substantial shareholder had acquired more shares in the open market.
On Feb 8, IRCB told Bursa Malaysia that the CDRC had approved its application for help to mediate with its banks over defaulted loans totalling RM16.89 million.
The company also told Bursa that its substantial shareholder Lau Joo Yong had acquired a further 4.13 million shares in the company, increasing his stake to 7.57% on Jan 31, following a purchase on Jan 29.
“The latest developments in the company are injecting some optimism. If a substantial shareholder is picking up IRCB shares,it means that he has confidence in the future of this PN17 company,” said Goh.
IRCB made a cumulative net loss of RM18 million in the nine months ended Oct 31, 2012, compared to a net loss of RM17.93 million in the previous year.
Thursday, February 14, 2013
Tuesday, February 12, 2013
Hot Stock IRCB rises to 21-mth high on debt restructure,share buy by substantial holder
Hot Stock IRCB rises to 21-mth high on debt restructure, share buy by
substantial holder
Business & Markets 2013
Written by Ho Wah Foon of theedgemalaysia.com
Wednesday, 13 February 2013 12:30
KUALA LUMPUR (Feb 13): Integrated Rubber Corp Bhd's (IRCB) share price advanced to 22-month high on the back of news that the government’s CDRC has agreed to help in its debt structure plan and a substantial shareholder has acquired more shares from the open market.
At 12.05 pm, the most-actively traded stock rose 22 sen or 10% to 22 sen, after rising to 23 sen earlier, on trades of 21.43 million shares.
On Feb 8, the IRCB told Bursa Malaysia that the Corporate Debt Restructuring Committee (CDRC) has approved its application for assistance to mediate with its creditor banks over loans of RM16.89 million defaulted last December.
The company is required to submit restructuring scheme which must comply with CDRC's restructuring principles for IRCB to remain under the Informal Standstill Arrangement with the bankers within 60 days from Feb 6, it added.
Also on Feb 8, IRCB informed the stock exchange that its substantial shareholder Lau Joo Yong had acquired some 4.13 million IRCB shares on Jan 31 from the open market, thus raising his stake in the rubber glove company to 7.57%.
Lau had also bought some 1.2 million IRCB shares from the open market on Jan 29.
“The latest developments in the company are injecting some optimism. If a substantial shareholder is picking up IRCB shares,it means that he has confidence in the future of this PN17 company,” said Goh Kay Chong, senior remiser at SJ Securities
Sdn Bhd.
On January 22, IRCB announced that it was facing possible winding up procedures if it failed to pay back its RM16.89 million debts to Maybank Bhd. There would be major impact on its financials and operations should the winding up proceedings be taken upon the company, it said.
But despite this bad news, its share price continued to climb from 14 sen since.
Dealers reasoned that IRCB’s recent appointment of new director Cheang Phoy Kean, who was controlling another rubber glove company before, could be the reason that the share price was not affected much.
Cheang was appointed as managing director of IRCB, following the resignation of major shareholder Tan Keng Beng, after his (Tan) family sold a 10.98% stake to Cheang via an off-market deal.
IRCB also announced earlier last month the appointments of Cheang’s son, Sean Kar Seng Cheang, as an executive director and Lim Boon Huat as a non-executive director.
Bursa Malaysia filings show that Cheang Phoy Kean emerged as a substantial shareholder in IRCB on Jan 4, following his acquisition of 65 million shares at 15 sen per share.
The Tan family has since to cut down its stake in the company further. On Feb 5, the family sold some 30 million IRCB shares via off market transaction, Bursa filings show. As a result, the family is now no longer a substantial shareholder.
IRCB made a cumulative net loss of RM18 million in the nine months ended Oct 31, 2012, compared with a net loss of RM17.93 million a year earlier.
http://www.theedgemalaysia.com/business-news/230648-hot-stock-ircb-rises-to-21-mth-high-on-debt-restructure-share-buy-by-substantial-holder.html
substantial holder
Business & Markets 2013
Written by Ho Wah Foon of theedgemalaysia.com
Wednesday, 13 February 2013 12:30
KUALA LUMPUR (Feb 13): Integrated Rubber Corp Bhd's (IRCB) share price advanced to 22-month high on the back of news that the government’s CDRC has agreed to help in its debt structure plan and a substantial shareholder has acquired more shares from the open market.
At 12.05 pm, the most-actively traded stock rose 22 sen or 10% to 22 sen, after rising to 23 sen earlier, on trades of 21.43 million shares.
On Feb 8, the IRCB told Bursa Malaysia that the Corporate Debt Restructuring Committee (CDRC) has approved its application for assistance to mediate with its creditor banks over loans of RM16.89 million defaulted last December.
The company is required to submit restructuring scheme which must comply with CDRC's restructuring principles for IRCB to remain under the Informal Standstill Arrangement with the bankers within 60 days from Feb 6, it added.
Also on Feb 8, IRCB informed the stock exchange that its substantial shareholder Lau Joo Yong had acquired some 4.13 million IRCB shares on Jan 31 from the open market, thus raising his stake in the rubber glove company to 7.57%.
Lau had also bought some 1.2 million IRCB shares from the open market on Jan 29.
“The latest developments in the company are injecting some optimism. If a substantial shareholder is picking up IRCB shares,it means that he has confidence in the future of this PN17 company,” said Goh Kay Chong, senior remiser at SJ Securities
Sdn Bhd.
On January 22, IRCB announced that it was facing possible winding up procedures if it failed to pay back its RM16.89 million debts to Maybank Bhd. There would be major impact on its financials and operations should the winding up proceedings be taken upon the company, it said.
But despite this bad news, its share price continued to climb from 14 sen since.
Dealers reasoned that IRCB’s recent appointment of new director Cheang Phoy Kean, who was controlling another rubber glove company before, could be the reason that the share price was not affected much.
Cheang was appointed as managing director of IRCB, following the resignation of major shareholder Tan Keng Beng, after his (Tan) family sold a 10.98% stake to Cheang via an off-market deal.
IRCB also announced earlier last month the appointments of Cheang’s son, Sean Kar Seng Cheang, as an executive director and Lim Boon Huat as a non-executive director.
Bursa Malaysia filings show that Cheang Phoy Kean emerged as a substantial shareholder in IRCB on Jan 4, following his acquisition of 65 million shares at 15 sen per share.
The Tan family has since to cut down its stake in the company further. On Feb 5, the family sold some 30 million IRCB shares via off market transaction, Bursa filings show. As a result, the family is now no longer a substantial shareholder.
IRCB made a cumulative net loss of RM18 million in the nine months ended Oct 31, 2012, compared with a net loss of RM17.93 million a year earlier.
http://www.theedgemalaysia.com/business-news/230648-hot-stock-ircb-rises-to-21-mth-high-on-debt-restructure-share-buy-by-substantial-holder.html
Wednesday, February 6, 2013
Feng shui says Snake year to bring market gains, disaster risk
The Star Online > Business Published: Thursday February 7, 2013 MYT 2:12:00 PM
Feng shui says Snake year to bring market gains, disaster risk
HONG KONG: The coming Year of the Snake will see financial markets slither higher as optimism grows, although the risk of disasters and territorial disputes in Asia also looms, say practitioners of the ancient Chinese art of feng shui.
Believers in the Chinese form of geomancy maintain the universe is made up of five elements -- earth, water, fire, wood and metal -- that define the collective mood in the world.
The Snake year starting on Feb 10 contains much fire, which brings energy, but also water, which tempers more negative fire traits.
"We will see a lot of positive energy coming and people will have more confidence in economic recovery," said feng shui master Raymond Lo, adding that a lack of the fire element led to financial woes and doomsday speculation over the last few years.
"The stock market is already going up. Even stronger fire will come in 2014, the Year of the Horse, and that means longer-term recovery could be quite substantial and will last for a few years," he said.
Global stocks climbed to their highest in nearly two years last Friday, helped by upbeat manufacturing and employment data that signaled a recovery is on track.
Lai Hon-fai, another seer in the Asian financial centre, agrees that the even more promising Year of the Horse could further boost Hong Kong's benchmark stock index, the Hang Seng.
"The Hang Seng index will reach 24,000 to 25,000 by the end of the Snake year, higher than its current level," he said. It stood at 23,214.40 on Thursday morning. Indeed, most economies have now turned a corner, although Europe may still need two more years to bottom out, said Peter So, a pony-tailed feng shui master.
"Water-related stocks will flourish, including banking, finance, trade, shipping, tourism, and even gambling shares," he said.
For those seeking housing in Hong Kong, this year could mark the start of some welcome relief in its overheated property market, which has seen residential prices hit a record high.
The coming year is the first of three fire years, with prices likely to fall - especially after this summer, So said.
SNAKES AND LEADERS On a more gloomy note, Lo, a feng shui practitioner for more than two decades, warned that disasters and territorial friction could loom. Snake years have a record of violence.
The September 11 U.S. terror attack happened in the last Year of the Snake in 2001, and the previous one in 1989 saw the June 4 crackdown on pro-democracy protesters in Beijing's Tiananmen Square.
One potential worry is tension between China and Japan, which is unlikely to be resolved in the coming year. A long-running row over islands claimed by both nations has in recent months escalated to the point where both sides have scrambled fighter jets while patrol ships shadow each other.
"It will be a troublesome situation, with more turbulence expected in the lunar months of April and October," Lai said.
One man to watch will be China's president-in-waiting Xi Jinping, who was born in 1953, a "yin water" year of the Snake like 2013.
The same combination comes every 60 years.
"Xi is a typical 'yin water' person - moderate, humble and polite," said Lo, adding that the Year of the Snake may still be a tough one for China's new leader because fire is not a good element for him.
Feng shui says Snake year to bring market gains, disaster risk
HONG KONG: The coming Year of the Snake will see financial markets slither higher as optimism grows, although the risk of disasters and territorial disputes in Asia also looms, say practitioners of the ancient Chinese art of feng shui.
Believers in the Chinese form of geomancy maintain the universe is made up of five elements -- earth, water, fire, wood and metal -- that define the collective mood in the world.
The Snake year starting on Feb 10 contains much fire, which brings energy, but also water, which tempers more negative fire traits.
"We will see a lot of positive energy coming and people will have more confidence in economic recovery," said feng shui master Raymond Lo, adding that a lack of the fire element led to financial woes and doomsday speculation over the last few years.
"The stock market is already going up. Even stronger fire will come in 2014, the Year of the Horse, and that means longer-term recovery could be quite substantial and will last for a few years," he said.
Global stocks climbed to their highest in nearly two years last Friday, helped by upbeat manufacturing and employment data that signaled a recovery is on track.
Lai Hon-fai, another seer in the Asian financial centre, agrees that the even more promising Year of the Horse could further boost Hong Kong's benchmark stock index, the Hang Seng.
"The Hang Seng index will reach 24,000 to 25,000 by the end of the Snake year, higher than its current level," he said. It stood at 23,214.40 on Thursday morning. Indeed, most economies have now turned a corner, although Europe may still need two more years to bottom out, said Peter So, a pony-tailed feng shui master.
"Water-related stocks will flourish, including banking, finance, trade, shipping, tourism, and even gambling shares," he said.
For those seeking housing in Hong Kong, this year could mark the start of some welcome relief in its overheated property market, which has seen residential prices hit a record high.
The coming year is the first of three fire years, with prices likely to fall - especially after this summer, So said.
SNAKES AND LEADERS On a more gloomy note, Lo, a feng shui practitioner for more than two decades, warned that disasters and territorial friction could loom. Snake years have a record of violence.
The September 11 U.S. terror attack happened in the last Year of the Snake in 2001, and the previous one in 1989 saw the June 4 crackdown on pro-democracy protesters in Beijing's Tiananmen Square.
One potential worry is tension between China and Japan, which is unlikely to be resolved in the coming year. A long-running row over islands claimed by both nations has in recent months escalated to the point where both sides have scrambled fighter jets while patrol ships shadow each other.
"It will be a troublesome situation, with more turbulence expected in the lunar months of April and October," Lai said.
One man to watch will be China's president-in-waiting Xi Jinping, who was born in 1953, a "yin water" year of the Snake like 2013.
The same combination comes every 60 years.
"Xi is a typical 'yin water' person - moderate, humble and polite," said Lo, adding that the Year of the Snake may still be a tough one for China's new leader because fire is not a good element for him.
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