Tuesday, October 05, 2010

Kencana Denies Story Published On The Edge

Baby hit me one more time...

  • Subject: Article entitled “Kencana takes over Labuan Shipyard’’

    Issue: We refer to the Article appearing in The Edge Malaysia on Monday, 4 October 2010 entitled “Kencana takes over Labuan Shipyard’’, in particular, the following statement: “Kencana Petroleum Bhd is poised to take over Labuan Shipyard and Engineering Sdn Bhd, a wholly-owned subsidiary of Realmild (M) Sdn Bhd, sources say".

Instead of asking Kencana, why can't Bursa asks the Edge Malaysia directly? Why are their reporters continously publishing articles based on 'sources say'? Who are these so called sources?

The reply from Kencana.

  • The Board of Directors of Kencana Petroleum Berhad (‘’Kencana Petroleum’’) wish to deny the aforesaid report and confirm that Kencana Petroleum or any of its subsidiary companies have no intention to take over Labuan Shipyard & Engineering Sdn Bhd (“LSE”) and neither has there been any talk between the two parties or any relevant authorities on any takeover of LSE by Kencana Petroleum. However, the two parties are exploring possibilities of working together for mutual benefits.

No intention to take over? Neither has there been any talk?!!!

Hello the Edge Malaysia!!!

Where did you get such source of credible information?????

And I wonder, if the Edge Malaysia gets utterly embarrassed that countless articles published by them kept being denied by the companies mentioned?

And as a reader... I wonder .... how do we know the accuracy and the credibility of the financial news that we read?

Put it this way... what good is the financial news if the reader have to refer to Bursa Malaysia website to verify the accuracy of the story published?

Take this Kencana article. We read from the Edge Malaysia that Kencana takes over Labuan Shipyard. But we don't know the accuracy of such a financial news. Look at Kencana now. It denies what's being written.

So what good is such financial news?


bonny b said...

The credibility of not only the news media is in question, but also of the Bursa and Securities Commission. These shenanigans have been going on for far too long. It makes one wonder if they are all part of a national scam. Any wonder why investors are not so keen on the Malaysian market nowadays?? Only rotten fish here.

Moolah said...

Not keen in Kampung market? Ever wonder if this is the same in the US markets? :P