Got the following comments:
- Heineken Pilsener said...
moola, i think you might be interested in this. http://www.btimes.com.my/Current_News/BTIMES/articles/20120329130041/Article/index_html
my first impression? WTF.
HP: This is why I hold Bursa Malaysia responsible for all these shenanigans.
As mentioned many times before, Bursa Malaysia should never had been allowed to be a listed entity. As a business entity, it needs and wants more business. So when a business is seeking listing (even though it's a relisting exercise), Bursa as business seeking profits, Bursa would always welcome any relisting.
So, as some have argued, business lists to make profit. They take it private because it's a profitable exercise. And they would also relist because it's also profitable.
And what does turn Bursa into? An ATM machine? A Stock Exchange with a revolving door where companies can come and go as they wish? Such mockery!!
I think Bursa needs to be tough. Real tough.
Companies can always delist. It's their rights to do so.
But..... BUT .... BUT ..... BUT ..... as a governing body Bursa needs to stand up and have the guts to make it much tougher for these businesses to relist again. Let them delist anytime they want. But when they want to relist, impose a time frame for companies seeking relisting. For example, you can only relist after 8 years after you delist. And/Or you can only relist but at a much lower valuation than the privatisation offer. ( For example, you do not want to see (again) company delisting at say a PE of 6 times and then only to seek relisting at a PE of 12 times! You seriously do not want such incidents to happen!)
However sadly, this now would not happen.
Business is business. Bursa is a business. It wants more profits. More listing means more profits. That's the simple and sad equation.
And if Astro wants relisting, sadly I think, Bursa would allow their relisting.
But what can we, the investing public, do? Should we be a gullible investor and minority shareholder and allow these companies to make a mockery of our money? Well, I think we can do something about it.
We need to be strong and we need to stand up to these companies.
Just tell them "NO".
Simple as that.
Don't buy their shares.
Forgo all those IPO seduction.
Have the guts to say NO.
There are so many other companies we can invest in. So one less IPO won't hurt us right?