Thursday, July 02, 2009

Ingress: Where Is My Dearest UMA?

Posted this morning: Ingress: Yesterday's Hot Stock Got Even Hotter!

Stock then was 0.415. It closed at 0.385.

Look at the insane jump in Ingress stock price.

And no UMA (unusual market activity) query from Bursa!!

In the afternoon, DowJones had this newsclip.

  • 0323 GMT [Dow Jones] Ingress Corp. (7112.KU) +17.4%, or 6 sen, at 40.5 sen in heavy volume; dealers cite follow through buying interest on award of MYR61.9 million worth of contracts expected to contribute positively to FY09, FY10 earnings. Also, investors speculating Sukuk-holders will vote in favor of extending maturity date of first tranche of MYR160 million Sukuk at ongoing EGM to Jan. 9, 2010, from July 9, 2009. "If they are successful in extending the maturity date, the burden on cashflow will be mitigated. The award of new contracts is also working in favor of the stock," says dealer. Resistance at 64.5 sen (August 2008 peak). (VGB)

Two reasons give by the dealers (not the company). I wonder who are these dealers? Does these dealers have any vested interests?


Reason 1. Power contract from TNB. Contribute positively? As per posting Today's Hot Stock: Ingress Corporation, Ingress had a rather lousy record in the power sector. It tend to lose money more than it makes. And even, if it makes money, the money made was rather minimal.

Reason 2. Sukuk thingee. On the Edge Financial Ingress gets 6-months extension

  • KUALA LUMPUR: Ingress Corporation Bhd has received a six-month extension to repay the first tranche of its sukuk amounting to RM50 million which was due July 9.

    The company said on July 2 the sukuk holders, had at its EGM, approved the resolution to extend the maturity date to Jan 9 next year.

    "The approved six months extension is to enable the company to formulate and finalise a comprehensive financial restructuring plan for the whole of the Ingress group," it said.

Extension to pay back loans. LOL! It's this a justifiable reason for the stock to soar?

6 months to pay back rm 50 million!

Time to check out the balance sheet.

rm 27.9 million left in the piggy bank.

The liabilities...

See the increased borrowings.

And lastly the cash flow statement.


How do you rate Sukuk holders chances of collecting back rm 50 million in 6 months time?

How now my dearest UMA?


Avatar said...

My, my, look at the huge volume being traded. Some *parties* must be laughing all the way to the bank!