Wednesday, June 23, 2010

Magnum Wants Relisting? Why Can't Delisted Companies Stay Delisted?

Please do excuse while I make my rant!


I just hate to see a listing company list, then delist and then relist again.

It's pure nonsense!

Comeon Bursa... don't make our stock exchange so cheapskate by accepting all these nonsensical corporate exercises.

If they want to list, list. If they want to delist. stay delisted! Just don't come back asking for a relisting!

Yes or not?

It was their OWN choice that they want to delist.

It was their OWN choice that they choose they delist at a price that was unfavourable to long term minority shareholders.

Now they want to relist?

Where got meaning?

And what's the point for any minority shareholder be a long term investor when companies act anyhow and anyway they want?

It's sickening to read public statements like MPHB making statements like this:
MPHB foresees relisting Magnum

  • Multi-Purpose Holdings Bhd (MPHB) foresees the potential relisting of numbers forecast operator, Magnum group, depending on the exit strategy of its partner CVC Asia Pacific Ltd, a private equity firm.

    “We (MPHB) are in Magnum for the long term. They (our partner) have their own exit strategy to release funds for their investors, and one of the main avenues when that happens is to list Magnum,” MPHB director T Vijeyaratnam said after MPHB’s AGM here yesterday.

    MPHB and CVC had privatised Magnum group in June 2008, with the former holding a 51% stake.

    Magnum Corporation Sdn Bhd CEO Lawrence Lim Swee Lin added that the public was ready for another gaming company to be listed.

    “We look at it as a main core business and would like to maintain our percentage in Magnum. In the event of a listing exercise, we will ensure MPHB shareholders get first priority (when it happens),” he said.

    Lim added the IPO might be conducted on its own or via a merger and consolidation exercise to create an even bigger entity.

    “The IPO would not be so much to raise funds but to ensure our MPHB shareholders gets first priority,” he said, adding that the group had a strong cash flow with low gearing....

The Magnum story as a stock was so so sad.