Scomi Squashes That According To Sources Article...

Posted yesterday: And According To Sources......

Well according to that piece...

• Scomi Group Bhd was among the most active counters on Bursa Malaysia yesterday, with some 24.8 million shares changing hands.
  
  Market talk has it that there could be new substantial shareholders in the form of Indonesian investors and Middle Eastern funds surfacing in the company quite soon.
  
  The new shareholders, according to sources, have been accumulating Scomi Group shares on the open market for sometime now and are close to surfacing in the company.
  
  Details, however, were not available at press time....

It begs the question how this can be considered journalism.

Everything is all based on 'market talk'.

So what's market talk? Gossip? Rumours? Hot air?

And despite, the details, not available at press time... that reporter decide it was fit to be considered a financial news and published it.

And the end result?

On today's Business Times:

• Scomi: No change in shareholding
  
  Published: 2010/11/11
  
  SCOMI Group Bhd has clarified that there is no change in the shareholding of its major shareholders or any change to the indirect interests of Datuk Kamaluddin Abdullah.
  
  Scomi also said there is no change in the shareholding structure of Kaspadu Sdn Bhd, its major shareholder which is controlled by Kamaluddin.
  
  It added that Kamaluddin’s effective stake in it continued to be 50 per cent that of Kaspadu, or 89.26 million shares representing a 7.65 per cent stake.

So how?

------------------------- update 5:22 pm --------------------------------

And just on the Daily Edge:

• Scomi Group yet to receive notice on shareholdings
  Written by Jose Barrock
  Thursday, 11 November 2010 10:57
  
  KUALA LUMPUR: The Scomi Group Bhd counter continued its active trade on Bursa Malaysia yesterday with some 59.6 million shares changing hands, gaining four sen to close at 45.5 sen, its highest level for the day.
  
  An article from yesterday reported that there could be new shareholders in the form of Indonesian investors and Middle Eastern funds surfacing in the company, and also the possible exit of Datuk Kamaluddin Abdullah, who partly owns substantial shareholder Kaspadu Sdn Bhd. ( LOL! Yo Jose! How about the fact you wrote that article yourself?)
  
  Scomi Group yesterday said it has yet to receive any official notification on the matter. Under the listing requirements, shareholders have a grace period of up to seven days from the share transactions before they inform the company and the stock exchange. When queried by Bursa Malaysia, Scomi Group said “it has not received any notification of interest of substantial shareholders (Form 29A) from any party not presently a substantial shareholder of the company”.
  
  Scomi Group added it has not been notified of any change to the indirect interests of Kamaluddin and that there has been no change in the shareholding structure of Kaspadu, with Kamaluddin’s effective interest in Kaspadu at 50%, or 89.26 million shares representing 7.65% equity interest in the company.
  
  The company added: “In the event that there are any new developments in this matter, we will make appropriate and complete disclosure in a timely manner in accordance with the requirements of the exchange.”
  
  As at end of May this year, Kaspadu had 178.52 million shares or 15.44% equity interest in Scomi Group. In April last year, Kaspadu and its unit Onstream Marine Sdn Bhd had 34.23% or 345.33 million shares. However in September 2009, Kaspadu commenced selling small blocks of shares in the open market.
  
  Scomi Group has its mainstay in the provision of mud drilling fluids, a water-based drilling fluid used to reduce friction.
  
  Scomi Engineering Bhd, a 69.31% unit of Scomi Group, closed at RM1.10, gaining five sen, while Scomi Marine, a 42.71% subsidiary of Scomi Group, inched up one sen to close at 54 sen.

Too cartoonic!

Makes a whole mockery of 'journalism'.

Simple question: Why the need to jump the gun and publish this story when there is no confirmation of details?

ps: Where is JS? LOL!