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.
Tuesday, January 22, 2013
Hot Stock IRCB suffers limited fall despite bad news ----------Written by Shalini Kumar of theedgemalaysia.com
Hot Stock IRCB suffers limited fall despite bad news
Business & Markets 2013
Written by Shalini Kumar of theedgemalaysia.com
Wednesday, 23 January 2013 12:43
KUALA LUMPUR (Jan 23): INTEGRATED RUBBER CORPORATION [](IRCB) Bhd, which announced yesterday that it is facing possible winding up procedures if it fails to pay back its RM16.89 million debts to Maybank Bhd, did not experience a huge sell-down.
This is despite the company saying in its statement: “There will be a significant impact on the financials and operations of IRCB Group should the winding up proceedings be taken upon the company.”
At 11.37 am, it fell by half a sen or 3.3% to 14.5 sen. Listed as one of the most active stocks in early trades, it hit a high of 15 sen and a low of 13.5 sen before settling at 14.5 sen, with 5.98 million shares done.
According to Goh Kay Chong, a senior dealer with SJ Securities, IRCB’s recent appointment of new director, Cheang Phoy Kean, could be the reason that the share price was not affected as badly as thought.
Cheang, 59, was appointed as managing director of IRCB, following the resignation of major shareholder Tan Keng Beng, after his family sold a 10.98% stake to Cheang via an off-market deal.
“The news about the recent change is probably the reason for shareholders to have some hope. It’s still a PN17 company, but this means new funds are coming in and so the company is going to be in a better position to face the situation,” he said.
Goh added, “Of course, the person (entering the company) should have already known the position of the company, so they probably have the funds to settle the debts.”
IRCB also announced earlier this 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 off-market deal was worth RM9.75 million.
Friday, January 18, 2013
Hot Stock Scomi shares rise on possible vote for IJM entry
Hot Stock Scomi shares rise on possible vote for IJM entry
Business & Markets 2013
Written by Shalini Kumar of theedgemalaysia.com
Friday, 18 January 2013 12:49
KUALA LUMPUR (Jan 18): SCOMI GROUP BHD []’s shares rose in morning trade following a report that some shareholders could be voting for IJM Corp to come in as its biggest shareholder, having previously opposed the move.
Some previous reports indicated that Scomi’s major shareholders wereheaded for a split over IJM’s strategy to acquire a stake of around 25% in the group.
"This should be good news for the company. IJM is a good company even though it is not in the same line. It also means new funds will be coming into the company. I think the resolution should pass at the
meeting,” said Goh Kay Chong, a senior dealer at SJ Securities.
At 12.16pm, Scomi’s shares were trading at 37.5 sen, up half a sen or 1.4%, on 6.88 million shares done, after hitting the most active list. Earlier, it had hit a high of 38 sen.
Scomi’s extraordinary general meeting set for Jan 31 could see the sole resolution of issuing RM110 million worth of convertible redeemable secured bonds to IJM being passed.
IJM first surfaced as a stakeholder in Scomi in September 2012, when it subscribed for a private placement at 33 sen per share, or a total of RM33 million.
Scomi was in debt at the time, since its RM200 million debt papers had been downgraded after a delay in an asset sale in Nigeria that was supposed to have netted it RM57.6 million.
Sunday, January 13, 2013
Hot stock Patimas up on “rescue”, new business reports
Hot stock Patimas up on “rescue”, new business reports
Business & Markets 2013
Written by Kamarul Anwar of theedgemalaysia.com
Monday, 14 January 2013 11:54
KUALA LUMPUR (Jan 14): PATIMAS COMPUTERS BHD [] became the most actively-traded stock in morning trades amid reports that a prominent figure may rescue this PN17 company and that it is in
preliminary talks to get new business.
As at 11:22 am today, Patimas rose one sen or 6.9% to 15.5 sen on volume of some 68 million shares, after hitting a high of 16 sen earlier.
Quoting Datuk Seri Abdul Azim Zabidi, a newspaper report today said this prominent politician-businessman indicated his intention to “rescue” the company and raise his stake.
For the third quarter to September 2012, Patimas incurred net loss of RM8.57 million. Its net value per share was -3 sen (negative 3 sen).
Azim, who has been in the limelight recently for his plan of a hostile takeover of Tiger Synergy Bhd, purchased 45 million shares of Patimas, or 5.44% of the company’s stake via his company Syawaras Sdn Bhd on January 11, according to Bursa Malaysia announcement.
Azmi was also quoted by the newspaper as saying he wants to meet the Patimas board and has no hostile intention on the company, and he had been negotiating with several outside parties on how to rescue Patimas.
"If the company’s management agrees to our proposal, I will consider increasing my stake in Patimas," Abdul Azim said.
Shares of Patimas began to surge on January 10 from 6.5 sen.
SJ Securities Sdn Bhd senior remisier Goh Kay Chong said some parties are now riding on this development to stir up interest and create activity in Patimas’ share.
He said a local Chinese daily reported on Saturday that Patimas is in preliminary talks with another company to provide 4G services but this plan might not materialise.
“Nothing is confirmed for now. It is highly speculative at this juncture,” he told theedgemalaysia.com in a telephone interview.
Wednesday, January 9, 2013
Trade surge in Singapore penny stocks excites Malaysia ----------- Written by Ho Wah Foon of theedgemalaysia.com
Trade surge in Singapore penny stocks excites Malaysia
Business & Markets 2013
Written by Ho Wah Foon of theedgemalaysia.com
Thursday, 10 January 2013 09:28
KUALA LUMPUR: Trading in Malaysia’s speculative penny stocks is expected to be energised by the current high turnover in super-penny stocks on the Singapore Exchange (SGX), local senior dealers said.
The Singapore factor, plus optimism fuelled by positive news from the US fiscal cliff talks, European macro-economic crisis, as well as encouraging economic data from the US and China, are expected to lure greater trading interest in local penny stocks this month, they added.
“We are watching Singapore. Last Friday, its volume suddenly jumped to seven billion shares. We have alerted our own remisiers to prepare for the contagion effect,” said Sam Ng, president of the Remisiers Association of Malaysia.
In December 2012, the average daily trading volume on the SGX was about 2.4 billion shares, its web data shows.
“The super bull in Singapore in super-penny stocks will have an impact on us. And a Chinese New Year (CNY) rally will definitely follow suit,” added Ng, also senior dealer at Interpacific Securities Sdn Bhd.
Goh Kay Chong, a senior dealer at SJ Securities Sdn Bhd, said the currenthigher trading volume is also due to the January effect, apart from the Singapore factor.
“This traditional feel-good factor in January is also luring retail players back to the market. With bonus payments received at around this time of the year, people feel rich and they are finding avenues to invest their money,” he said.
Last Friday, SGX saw its trading volume surge to a feverish pitch, hitting a recent high of 7.05 billion shares valued at S$1.36 billion (RM3.36 billion). The top 10 actives were dominated by penny stocks accounting for 3.58 billion units.
mDR Ltd, which distributes telecommunications devices and provides mobile related services, netted 1.03 billion shares when it closed at 1.8 Singapore cent last Friday.
This was followed by Elektromotive Group Ltd, which closed 0.1 cent higher at 0.4 cent on trades of 518.81 million shares;
while ICP Ltd ended flat at 0.4 cent on 433.11 million shares.
SGX’s strong trading volume, led by penny stocks, persisted this week. On Monday, trades at SGX totalled over 6.5 billion
shares while on Tuesday it was over 5.7 billion. Yesterday, 4.4 billion shares were traded.
Indeed, the contagion effect on Malaysia was already felt last Friday in the local market. Total trades rose to 1.25 billion shares, from 1.12 billion last Thursday. This volume of over one billion has continued into this week so far. Yesterday, the volume totalled 1.1 billion.
Ng noted there was higher retail interest in the local stock market last Friday, taking after Singapore.
According to Albert Fong, president of Society of Remisiers in Singapore, retail investment and contra play, as well as Internet trading have been responsible for the high trades in penny stocks in the republic.
“The fear factor that dominated the whole of last year has dissipated. The removal of three main concerns over US fiscal cliff,
European crisis and China economy has cleared the way for more optimism,” the senior remisier in Singapore told The Edge Financial Daily
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