On the Edge Financial Daily Vastalux vice chairman sells another 13m shares
- KUALA LUMPUR: VASTALUX ENERGY BHD's vice chairman and executive director Mohamad Nor Abdul Rashid has continued to reduce his shareholding in the company.
In the latest announcement on Dec 8, he sold another 13 million shares for 16.5 sen each in the open market on Dec 3.
The previous day on Dec 2, he had also disposed of 13 million shares in the open market.
The latest disposal reduced his total shareholding to 14% or 28.94 million shares.
Vastalux has been under the spotlight after it resubmitted its results. It reported net losses of RM17.72 million in 3Q ended Sept 30, compared with net profit of RM7.25 million a year ago.
Of concern to investors are the amounts RM163 million owed by customers and trade receivables of RM69.7 million.
Revenue was RM32.13 million which was sharply below its cost of sales of RM51.42 million.
This certainly is not sounding good. Not when the company has balance sheet issue and not when the earnings performance from the company has been extremely dismal!
Vastalux closed yesterday at 0.185!
If the country is serious to attract foreign investors, this type of listing needs to be taken out / suspended.
ReplyDeleteI am surprised 2 years listing like such can end up at such level. Remember of Tat Sang a few years back.
Great that corporate analysis like yours and Dali are able to educate the investors. Thanks God.....