Monday, June 14, 2010

So What has Ishak Done With His Block Of Kenmarks Shares Purchased

Ok, there's no rule that one cannot buy and sell shares but do think about the following announcement just posted on Bursa website..

  • The Board of Directors of Kenmark was today received verbal confirmation from Dato' Ishak bin Ismail that he has ceased to be substantial shareholder of Kenmark on 9 June 2010. He has indirect interest via Unioncity Enterprises Ltd, a substantial shareholder of the Company, which has today notified the Company vide the Form 29C dated 10 June 2010 that they have disposed of 27,691,900 Kenmark shares in the open market on 9 June 2010.

    A representative of BHLB Trustee Berhad for a discretionary trust for the family of Dato' Ishak bin Ismail ("the Trust") has today verbally confirmed to the Company that the Trust has on 10 June 2010 acquired 1,000,000 Kenmark shares and on 11 June 2010 disposed of a total of 31,000,000 Kenmark shares.

Here's the data that matters.

4 June 2010, I wrote
More Incredible News Flow From Kenmark!

And last but not least... in the Star article
Ishak is Kenmark’s biggest stakeholder

  • James (the MD) called me on Monday night to help him out as he is sick. This is the company we both floated in 1997 when I was the bumiputra shareholder. However, I sold my shares a long time ago,’’ he told StarBiz

Monday night?

In the posting Kenmark: Sorry But I Was Sick

  • "James Hwang in his letter has stated that he has been unwell and unconscious and was also uncontactable. He has now regained full consciousness but still physically weak," said the company in a statement to Bursa Malaysia on Wednesday, June 2.
  • "It was only yesterday (Tuesday) I regained full consciousness but am still weak to travel," he said. He did not identify the nature of the sickness nor did he say when he expects to be well.Hwang will only return to Malaysia once he is healthy.Hwang also said he could not be reached by telephone as all calls had been barred by family members.

Sorry I am confused.

Ishak got the call on Monday night. If James Hwang was in China, say Beijing, the time zone would be the same as here, yes? So can I assume Monday night as in Monday night Malaysia time?

And James Hwang states he only regained consciousness on Tuesday.

Hmmm..... how?

And Ishak bought 20 million shares on Monday. See Link here

How now Brown Cow?



NOW he said he sold on the 9th??????

Such a significant announcement and Kenmark only announced today??????


Bought on 1st and 2nd ... sold on the 9th!

Go figure!!! Go do the math!!!!!!!!!

Guess how much profit was made by this friendster who lend his helping hand!!!

Yeah... Robin Hood or what?????



thimweng said...

Spot on Moola. I knew something fishy was going on when someone came out of the blue and bought a whole lot of shares. In TheStar article that I read when the news broke, it was written that his paper gain was RM 10 million. I guess someone definitely got involved in some skim cepat kaya.

Moolah said...

It was so 'nice' when Ishak declared to the investing public that "James (the MD) called me on Monday night to help him out as he is sick... "

Is this what Ishak deemed as helping out?

Meanwhile after Ishak's so-called helping out.. the investing public has learned thta James had disposed a chunk of shares and another shareholder Ms Chen also disposed a chunk of her shares.


thimweng said...

Latest news. Ishak is RM 5 million richer within 9 days.

JC Hiew said...

this "saviour" to Kenmark makes million d...later he will come out and say...he cannot manage Kenmark anymore due to heavy mess on the account and wipe his ass of...and millions dollar already in pocket...huatt ahh...haha... feel free visit my blog

Moolah said...

JC: Sadly I agree.

Another sad day in our stock exchange!


bonny b said...

Dear Moo,
People the likes of James Hwang and Ishak should be banned and given status of 'persona non grata' on the Malaysian Bursa. We should follow the footsteps of Australia, which banned people like Lee Ming Teck back in the 80's for unethical behaviour.

solomon said...

Morally, ppl like Ishak should be banned.

However, there are nicer idea to caught them off guard by suspending the counter earlier next round.

To me, Bursa might be playing with dice, if there is no head roll in the headline next few days, I think you might be painting a very bad surveillance and compliance.

Every year also there is one such stock happen?? brown cow, I think it is time to split the profit oriented and compliance section, how can you have a efficiency of operating two hats under one roof??? Profit Vs quality issues