BE CAREFUL UMNO: FORCING CHINESE BUSINESSES TO SELL TO YOU CAN BACKFIRE BADLY

Hi5 Bread Factory has just laid off its workers - two weeks before Hari Raya. Here is a video from M'kini.

If you cannot see the video, here is the link : https://youtu.be/rpuYl99I478

Here is some old but related news about this Hi5 :

Tabung Haji lost nearly RM100m in bread-making business, Rafizi claims

Rafizi alleged Tabung Haji (LTH) made bad business decision in 2007

pumped RM100 million into beleaguered bread-making company

investment fail to generate returns later.

Rafizi claimed LTH bought Hi-5 without checking financial background.

three senior management dragged to court for embezzling RM167m

serious case of (CBT) against three top management staffs

LTH paid RM98 million becoming largest shareholder in 2007

followed by Vincent Tan

Rafizi questioned why LTH paid a 177 per cent premium (in 2007)

shares skyrocketed from 39 sen to RM1.08 in October 16.

LTH exited Silver Bird mid-2014, prices already plummeted to 7 sen and 8 sen.

currently, Hi-5 Conglomerate’s shares valued at 4 sen

My comments : But, but, but... moron just said the economy is doing wonderful !! How come an RM100 million bread factory is laying off almost all its workers and possibly closing down?

I think Tabung Haji is no more in the picture. They sold their shares in 2014.

Anyway its just another example that the GLCs tak tahu niaga. Tabung Haji bought this company from the Chinese (part of the psycho-stupid "buying up Chinese businesses" strategy)

Folks, this is what I think will happen. Someone will buy this Hi5 company. It is a super hi tech bread factory in Shah Alam. The people who buy it back will make a success of it.

Why?

Because they have to pay only 4 sen to buy one share in this company. Their acquisition cost will be so cheap - they will be able to turn things around. I hope so.

I also think they may be non bumi again - possibly another Chinaman will buy back the assets. Plus I think they will hire Bangla workers.

The same thing may happen to Proton. - http://syedsoutsidethebox.blogspot.my/