MP Tech

Blogged on this stock several times.

7th Sept 2006: MP Tech

• The Board of Directors wish to announce that it has discovered certain financial irregularities which maybe fraudulant. These discoveries were made by Special Committe set-up by the Board in March 2006 and headed by Dato' Krishna Kumar, the Company's Independant Director.

And i made the following comments:

• How ironic cause MP Tech started reporting losses in its quarterly earnings reported in Oct 2005 and has since posted 4 consecutive quarterly losses (totalling some 33.7 million!!)!!!!So now the discovery of certain financial irregularities which maybe fraudulant????

Updated the posting on 22nd Jan 2007: Update on MP Tech

• I remember this one hor... this bugger took over Kelanamas Industries Bhd listing under a restructuring exercise back in 2004 and then it started playing funky music by announcing it was diversifying into the cement business... AHEM... and then that was not all... back in June 2005...

Four days later, MP Tech announced its quarterly earnings and I made the following posting: MP Technology announced its Quarterly Earnings. Quarterly losses totalled 133.274 million!

It was truly amazing because MP Tech announced then too that the financial position of the company was insolvent.

In today's Star Biz, the following article caught my attention: PN 17 firms to be delisted, removed

• PN 17 firms to be delisted, removed
  
  KUALA LUMPUR: The securities of three Practice Note 17 companies – FA Peninsular Bhd, MP Technology Resources Bhd (MP Tech) Syarikat Kayu Wangi Bhd (SKW) – will be delisted and removed from the official list of Bursa Malaysia on Dec 13.
  
  Bursa said in a statement FA Peninsular would be delisted for failure to make the requisite announcement of its regularisation plans by Nov 30.
  
  It said MP Tech would be delisted for failure to submit its regularisation plan to the Securities Commission (SC) and other relevant authorities for approval by Sept 25.
  
  For SKW, it would be delisted as the SC had, vide its letters dated Aug 9 and Nov 6, rejected its regularisation plan and its appeal against the rejection respectively.
  
  “For MP Tech and SKW, another reason for the delisting is that both companies do not have adequate level of financial conditions to warrant continued listings,” it said.
  
  Bursa said upon the delisting of the companies, they would continue to exist but as an unlisted entities. – Bernama

So what more can I say about MP Tech?

Got listed via RTO of Kelanamas in 2004. Insolvent by Jan 2007. To be delisted on Dec 2007!

Now value destruction or what!!

And I would like to know how MP Tech managed to get listed via the RTO Kelanamas!