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Wednesday, December 30, 2015

UMNO'S UTUSAN SELLS FIXED ASSETS TO FUND DAILY OPS: CONTINUE WITH THE RACIST, BAILOUT WAYS & MALAYSIA WILL SUFFER SAME FATE

UMNO'S UTUSAN SELLS FIXED ASSETS TO FUND DAILY OPS: CONTINUE WITH THE RACIST, BAILOUT WAYS & M'SIA WILL SUFFER SAME FATE
Finally here is some news about Utusan Malaysia. By their own admission here, Utusan is facing financial difficulties with net losses around RM157 million, and net debt of around RM178 million. 

However here is something really interesting. In April 2015, Utusan bought a 20% stake in a company called Maqamad for RM100,000 (one hundred thousand). 

Last week Utusan announced that they are selling that same 20% stake in Maqamad for RM48 million ! ! ! !  Here is the news :

Utusan Melayu’s unit to sell stake in Maqamad for RM48m
Monday December 21, 2015

KUALA LUMPUR, Dec 21 — Utusan Melayu (M) Bhd’s wholly-owned unit, Utusan Land Sdn Bhd, has signed a share sale agreement with MHA59 Sdn Bhd to dispose of 20 per cent stake in Maqamad Sdn Bhd for RM48 million.

In a filing to Bursa Malaysia today, Utusan Melayu said, the sale would enable it to improve its cash flow and strengthen its financial position.

“The proceeds are expected to be used for our day-to-day operations which included payment of trade and other payables within 12 months.

“The sale is expected to result in an improvement to our earnings by about RM48 million for the financial year ending Dec 31, 2015 and to contribute positively to the company's earnings per share,” it said. — Bernama

- See more at: http://www.themalaymailonline.com/money/article/utusan-melayus-unit-to-sell-stake-in-maqamad-for-rm48m#sthash.k8do5h9E.dpuf



In just eight months Utusan has made  RM47.9 Million 'untung atas angin'. Brilliant.

Utusan should stop publishing newspapers (where they are making losses) and go into the mergers and acquisitions (M&A) business where they can turn a RM100,000 investment in some company into an RM47.9 million profit in just eight months !! 

While Utusan understands 'buy low sell high', obviously the purchaser does not understand the concept too well.  Why is that purchaser being so super generous to Utusan ?

Maqamad's 2013 accounts and the latest available accounts show revenues of RM163 million and a net loss of RM523 million. 

And please read this part carefully :  "In a filing to Bursa Malaysia today, Utusan Melayu said, the sale would enable it to improve its cash flow and strengthen its financial position. “The proceeds are expected to be used for our day-to-day operations which included payment of trade and other payables within 12 months."

Selling fixed assets to bayar gaji, bayar api, bayar air, bayar newsprint supplier, bayar hutang etc. 

Habis tahun depan macam mana pula?  The business is not going to improve overnite. 

Can Utusan find another cheap 20% stake in say another company called I'mno Bailout Sdn Bhd for say RM100,000 and then in eight months sell back the stake to the owners for RM48 million?

Folks, when is all this crap going to stop? Utusan will just stop functioning. Just wait and see. If they continue behaving like this, the whole country will just stop functioning.  It will. Just wait and see. - http://syedsoutsidethebox.blogspot.my/

1 comment:

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